Democratic lawmakers at the state Capitol have released a plan that they say would help small businesses grow and hire the unemployed. “The plan includes taking a portion of the money that’s in a state trust fund and investing it in local banks and credit unions to make small business loans… the package would allow small banks and credit unions to pool their finances to invest in larger projects… and also calls for a tax credit for small businesses that hire long-term unemployed people and veterans,” Rick Pluta reports.
On Monday, “State Rep. Kate Segal of Battle Creek, the House Democratic floor leader, and Rep. Vicki Barnett of Farmington Hills proposed their 'Invest in Michigan: Small Business Jobs’ plan',” the Detroit News reports. “Segal said her bills offering incentives for hiring veterans and the long-term unemployed will be introduced when the Legislature returns from its two-week Thanksgiving break on Nov. 29,” the News explains.
It’s unlikely the measures will find support among Republican lawmakers. “Republicans shy away from job creation credits. They say the state should not single out specific businesses for tax breaks,” Pluta explains. Republicans are in the majority in both the state House and state Senate.