Governor Signs Economic Incentive Bills

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Governor Jennifer Granholm today signed bills that would cut business taxes and create an investment fund to encourage more high tech jobs in state.

However, only the investment fund will take effect.

None of the tax cuts can become law because they are tied to bills in the package that the governor vetoed because she said they would create two new huge tax loopholes.

The Democratic governor urged lawmakers, now on a two-week break, to return to the Capitol, possibly as early as Tuesday, to make changes so the tax cuts can take effect.

A spokesman for GOP Senate Majority Leader Ken Sikkema of Wyoming criticized Granholm's decision to veto the two bills.

He said she has abandoned immediate tax relief for Michigan job providers.