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Action Alert: First Hearing on Bills Creating the Michigan Community Investment Pilot Program Tax Credit
September 2, 2020 @ 10:30 am - 11:30 pm
CEDAM is excited to announce that Rep. Steve Marino (R‑Harrison Twp.), Chair of the House Commerce and Tourism Committee, has tentative plans to hold the first hearing next week on bills 5820–5821! The bills would authorize the creation of the Michigan Community Investment Pilot Program and Tax Credit.
The hearing is tentatively scheduled for Wednesday, September 2, 2020, at 10:30am. Here are ways you can support the bills:
- Contact your state representative and tell them that locally controlled community economic development organizations need additional tools to attract investors for housing, community revitalization, and other vital projects. This bipartisan bill package provides these additional tools. A sample email template is available here.
- Sign your organization on to CEDAM’s letter of support. Read the letter and then sign on through this form.The deadline to sign is Monday, September 1 at 5pm.
- Submit written testimony or a card of support to the Commerce and Tourism Committee to let them know your organization supports the bills. CEDAM can submit your card of support at the committee hearing. Email Jessica AcMoody at acmoody@cedamichigan.org and include your name and organization. You can submit written support to the committee chair, Rep. Steve Marino with a note “Please share a copy of this letter with committee members”.
BACKGROUND
Large community development projects have a number of tax incentives to attract investors. One example is the recent 2017 expansion of Michigan’s Brownfield Redevelopment Financing Act, which made $1 billion worth of incentives available for “transformational” projects. But small- to medium-sized neighborhood and rural community revitalization projects are often overlooked because they lack the same tools to attract investment.
The Community Investment Program is a donation-based state tax incentive that would provide long-term, sustainable support for locally-based revitalization work in neighborhoods and rural communities. A corporate or individual donor makes a contribution directly to a place-based nonprofit. The donor receives a 50% state tax credit on their donation.
Passing HBs 5820 & 5821 would unleash more private resources for Michigan’s communities!