As I reported here, the Michigan film and entertainment industry incentives legislation was fast-tracked and signed by Governor Granholm today (April 8, 2008). Companies can receive incentives such as a 40% tax break and assistance from the state with locations and the use of state resources, in qualifying film and entertainment projects.  Here are the descriptions of the main incentives from the Michigan Film Office:

• 40% cash rebate across the board on qualifying Michigan expeditures, with a minimum required spending threshold of $50,000.
• Michigan will add an extra 2% if the qualifying project is filmed in one of the  103 Core Communities in Michigan.
• Project labor and crew makeup: 40%-42% Michigan residents, 30% Michigan non-residents
• The law includes a workforce development tax credit for hiring and training current Michigan-based crew to acquire new professional skills or attain a higher professional level.
• The law includes a low interest loan program and an infrastructure tax credit program.
• The only salary cap will be a maximum of $2 million salary per employee.
• There is no sunset on the incentives law.

Here are links to the texts of the new law:

Michigan Public Acts 74 75 76 77 78 79 80 81 82 83 84 85 86 87 of 2008