Entreprencurship Renaissanee Zones (E-Zonc) Overview ‘The legislation creates an Entrepreneurship Renaissance Zone for any new, for-profit startup business of 100 employees or less registered in and with this state on or after July 1, 2009, e The bill follows the general framework of what’s currently in the Renaissance Zone Act with respect to eligibility, geographic parameters, length of Ren Zone status, etc. + Eliminate or 1educe ieal property taaes, personal property taxes, and MBT obligations, for a period of five years © MI Strategic Fund may designate additional zones; no limit ¢ The parameters for legitimacy and commitment would include operational standards, local economic impact, job creation, capital investment, purchase of local raw materials and an approval of a business plan by a state recognized entrepreneurial support resource. i.e. SBTDC, SCORE, MSU Product Center, Michigan Works, incubators, ete. General Points ¢ This bill incentivizes innovation and creativity. It cncourages and supports our statc’s small and start up businesses. o Ex. There is tremendous growth potential in fish farming in this state. The aquaculture industry can be a source of job creation and local food, and can evolve into a leading industry in this state. This new state financial incentive would allow us to harness Michigan’s greatest natural resource for everyone’s benefit. co [here are numerous small business services that are working every day to help Michigan citizens grow the economy. I believe this tax-free incentive for business: start-ups can serve as another tool in the toolbox of economic recovery. « Alleviating the burden of expensive start-up costs helps entrepreneurs speed up the process ot turning their ideas into viable businesses, sharpens their focus on mnovation and job creation. Emerging companies should be given every resource to increase their chances of success. * The “Start up Business Renaissance Zone” legislation is a strong, pro active move toward encouraging and supporting our state’s small and start-up businesses « Small businesses are the engine of our economy. As a local family business owner, I’ve created jobs for hundreds of local families. I know what works and what doesn’t. ’ma proponent of entreprencurial revitalization and believe that our current economic condition presents opportunity. In the 1970s, FedEx, Southwest, Microsoft, Apple, Genentech and