Tax Reform and Venture Capital Growth

In the first 120 days of their tenure, Bolger worked with Senate Majority Leader Randy Richardville and Governor Snyder to pass tax reform in the state. The 2011 tax overhaul was the largest in 17 years, and included eliminating the Michigan Business Tax, reforming the personal income and pension tax systems.

The changes in corporate tax structure resulted in Michigan improving its corporate tax business environment from an all-time low ranking of 49th up to seventh-best in the country. Under the tax changes, Michigan became a top state for venture capital projects with 312 new projects in 2013; ranking Michigan fifth in new project development, and 10th for projects per capita.

In 2014, with Bolger’s support the legislature made dramatic changes to improve the personal property tax system in Michigan. The reform was later ratified by Michigan voters. This landmark personal property tax reform protected local government finances while eliminating the penalizing equipment tax on investments made by manufacturers and small businesses.