Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Politics

Dem-controlled Michigan Legislature approves $1B spending plan

by January 28, 2023
January 28, 2023
Dem-controlled Michigan Legislature approves $1B spending plan

The Michigan Legislature will set aside $200 million out of about $1 billion in spending for a paper mill in the Upper Peninsula, while also setting aside more money for the state’s economic development fund.

The legislation, which was passed late Thursday night by the new Democratic-controlled Legislature, includes a $946 million spending plan and an additional $146 million to close out last year’s budget, bringing the total spending to nearly $1.1 billion.

Nearly $200 million in grant funding will be set aside for upgrades at the Escanaba Mill, located in the Upper Peninsula and operated by Swedish paper producer Billerud. The company is looking to begin making a more technologically advanced paper product that will be used as packaging for pharmaceuticals and healthcare, cosmetics and drinks.

The funding for the Escanaba Mill comes after the Michigan Strategic Fund approved a 15-year tax break last month to support Billerud’s planned project at the paper mill, which is expected to bring in nearly $1 billion in investments from the Swedish company and retain at least 1,240 jobs in the region.

The passage of the supplemental budget Thursday came one day after Democratic Gov. Gretchen Whitmer delivered a State of the State speech that focused heavily on economic development and keeping jobs in the state.

Rep. Jenn Hill of Marquette called the paper mill project a ‘generational investment’ and said that after the Lower Peninsula received multiple economic development projects last year, it was time for the Upper Peninsula ‘to have a turn.’

‘The governor talked last night about providing young people with a reason to stay in Michigan. A big part of that is economic opportunity,’ said Hill. ‘Let’s invest in the Upper Peninsula and the future of green manufacturing in our state.’

The bill also gives an additional $150 million for Michigan’s Strategic Outreach and Attraction Reserve, which brings the total remaining balance of the fund to $890 million.

Republicans criticized the late-night spending bill as being rushed and secretive. Rep. Mike Harris of Clarkston said that Democrats planned the bill ‘behind closed doors’ and ‘waited until the last minute to make this public.’

‘Democrats are starting their new majority by shoving an enormous, secret spending bill down the throats of the people of Michigan,’ House Republican Leader Matt Hall said in a statement. ‘They gave the public and their elected representatives virtually no time to read the ridiculously over-stuffed plan before the vote.’

During December’s lame duck session, talks between Whitmer and the Republican-led Legislature stalled before any supplemental budget could be passed. Democrats took full control of both chambers this year and a budget surplus that was projected to grow to over $9 billion by fall.

The Democratic-led Legislature also worked Thursday to pass tax relief that includes increasing the state’s Earned Income Tax Credit to a 30% match of the federal credit, compared with 6% currently, and a retirement tax repeal. Final passage of both bills is expected sometime next week.

This post appeared first on FOX NEWS
0
FacebookTwitterGoogle +Pinterest
previous post
Biden calls Tyre Nichols family hours before bodycam’s public release
next post
RNC’s Ronna McDaniel declares ‘this is my last term as chair’

You may also like

The Hitchhiker’s Guide to what’s going to go...

January 7, 2023

President-elect Trump has considered buying Greenland: Here’s every...

November 20, 2024

Overbearing Protective Orders Placed on Paul Pelosi Trial....

December 6, 2022

24-Year-Old Hawaiian Surfer Kalani David Suffers Seizure and...

September 19, 2022

Treasury Department recoups $31 million in improper government...

January 17, 2025

Trump picks up more Senate GOP endorsements

December 12, 2023

Trump calls George Clooney a ‘rat’ for turning...

July 11, 2024

Top federal agency with history of wasteful spending...

February 8, 2025

Mike Johnson re-elected speaker: Here were the top...

January 4, 2025

White House staff ‘relocated’ after pro-Palestinian rioters damage...

January 14, 2024

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • EXCLUSIVE: Trump admin takes action after massive fraud uncovered at agency Dems tried to protect from DOGE

      June 26, 2025
    • FBI investigating Iran strike leaker, Leavitt says: ‘They should be held accountable’

      June 26, 2025
    • SMCI Stock Surges: How to Invest Wisely Now

      June 26, 2025
    • NEW! 5 Significant Additions to Our Professionally-Curated Market Summary Dashboard

      June 26, 2025
    • ‘Presidential incapacity’: Senate Republican seeks paper trail of Biden’s autopen use

      June 26, 2025
    • Dem senator accuses top Trump official of being responsible for ‘hundreds of thousands of children dying’

      June 26, 2025

    Categories

    • Business (8,316)
    • Investing (2,074)
    • Politics (15,823)
    • Stocks (3,172)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved