LANSING – State Representative Richard LeBlanc (D-Westland) today embraced a new plan that aims to stimulate Michigan's economy by creating a culture of entrepreneurship and offering incentives to people willing to start their own businesses and become the job providers of tomorrow.
"Encouraging entrepreneurs to strike out on their own and giving them the tools and resources to do so will help create a new culture in Michigan," LeBlanc said. "Small businesses are critical to our economy in Michigan. By investing in new ideas and diversifying our economy, we can rebuild our economy and get Michigan moving in the right direction."
The "Michigan Spirit of Entrepreneurship Initiative" aims to make Michigan first in the nation for supporting small-business growth. The plan will:
- Provide health care tax credits to new business owners and tax deductions for personal income invested in small businesses.
- Provide transferable R&D tax credits to help more innovations get to the market.
- Give small businesses access to the state's bulk-purchasing program to reduce costs.
- Offer free tuition to students of any age who enroll in entrepreneurship courses.
- Create a grant program to encourage student participation in programs such as Junior Achievement that teach business skills and financial literacy.
- Establish a statewide center for entrepreneurialism.
According to www.michigan.gov/beyourownboss, companies with 500 or fewer employees represent 99.7 percent of all employees in the U.S. In Michigan, more than 1.4 million citizens work at one of the 230,000 firms that employ less than 50 people. Nearly 90 percent of Michigan's employees work for companies with 20 or fewer employees.
"This plan will help make the dream of becoming a business owner a reality for many of our residents," LeBlanc said. "Removing barriers will help make it easier to succeed in the business world for those who have the courage and determination to start their own business."