MI SB1153

Establishes the Michigan Business Withholding Abatement Program, effective June 1, 2017, to provide income tax withholding abatements to eligible businesses creating certified new jobs in Michigan.

Requires eligible businesses to create a minimum of 500 new full-time jobs (or 250 jobs if paying 125% or more of county average wage) and excludes retail establishments, professional sports stadiums, and casinos from eligibility.

Allows the fund to enter written agreements authorizing withholding abatements of up to 5 years for businesses paying county average wages or up to 10 years for those paying 125% or more of county average wage, with abatement amounts up to 50% or 100% respectively.

Limits the fund to executing no more than 15 new written agreements annually and caps total combined withholding abatements at $250,000,000 across all active agreements.

Requires authorized businesses to pay 5% of annual withholding abatements to the fund for administration expenses and authorizes public disclosure of participating businesses and abatement amounts.