[CPEO-BIF] Michigan "tax breaks blunted by ill economy"

[Lenny Siegel <lennysiegel@gmail.com>]

Brownfield tax breaks blunted by ill economy
Incentives attractive to developers linger on properties no one wants in 
tough times.

Louis Aguilar
The Detroit News (MI)
February 8, 2008


The widely used tax credit that Michigan and cities like Detroit are 
granting to spur development is now tied to a growing number of projects 
that have been delayed or even killed because of the slowing economy.

The result is that tens of millions of dollars in so-called "brownfield" 
tax credits are stuck in a holding pattern, left to linger on the 
state's books for up to five or even 10 years before they expire. That 
trend could continue this year as the ongoing global credit crises 
clamps down on private financing, stalling more projects.

"It's a situation that could increase, given the national economy," said 
Eric Lupher, director of local affairs for the Citizens Research Council 
of Michigan, a Lansing nonprofit that studies public policy.

...

For the entire article, see
http://www.detnews.com/apps/pbcs.dll/article?AID=/20080208/BIZ/802080361/1001

-- 


Lenny Siegel
Executive Director, Center for Public Environmental Oversight
a project of the Pacific Studies Center
278-A Hope St., Mountain View, CA 94041
Voice: 650/961-8918 or 650/969-1545
Fax: 650/961-8918
<lsiegel@cpeo.org>
http://www.cpeo.org



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