LANSING, MI (AP)-- Governor Rick Snyder has issued an executive order dissolving the Michigan Economic Growth Authority and the Michigan Next Energy Authority and transferring their duties to the Michigan Strategic Fund Board. The changes were made Tuesday.
Snyder says in a release that the move reflects "changes to our tax code and the move away from credits" issued through the authorities.
Under Snyder, Michigan issues fewer tax breaks to individual businesses. Instead, he pushed to eliminate the Michigan Business Tax and replace it with a 6 percent corporate income tax that two-thirds of businesses don't have to pay.
The change will give businesses a $1.7 billion tax break next year.
The executive order also transfers some of the Strategic Fund's duties to the Department of Licensing and Regulatory Affairs.
