Monday, December 13, 1999
The Michigan Economic Development Corporation announced today that Expansion Management magazine's economy experts are giving Michigan across-the-board "smiley faces" for legislative elements they believe critical to a state's business climate health. The three elements represent the state's business-friendly attitude and include, calculated over a five-year period, the reduction of the percent of total tax revenues collected in both corporate and individual income tax categories and the reduction of the percent of expenditures for interest payments on debt. Michigan was the only state to receive the "three-smile" rating."Making changes legislatively is crucial to building a healthy, sustainable business climate," said Doug Rothwell, president and CEO of the Michigan Economic Development Corporation. "It ensures long-term solutions for doing business in Michigan, not just short-term fixes. It's great that Michigan is getting attention for doing it well."Along with the legislative rating, the experts also put Michigan at the top of all the Midwestern states in regards to overall business climate. The ranking takes into account many determining factors, like the state's tax structure, spending, labor laws and debt load.