Gov. Jennifer Granholm had originally earmarked $15 million for the biotechnology and health sciences initiative, but that figure was bumped to $30 million on Sept. 2.
State Sen. Gerald Van Woerkom,
That’s still substantially below the $50 million life sciences spending level under the Engler administration, a period predating the new century’s recession that drastically reduced
According to Van Woerkom, the Senate GOP also succeeded in pushing for adoption of more of its JOBS Action Plan, a series of 54 bills designed to spur economic development.
Van Woerkom said the latest element of JOBS was a set of five tax incentives for small and mid-sized businesses that invest in job creation.
He said last week’s budget agreement winds up about six months of negotiations between the Granholm administration and the GOP-controlled legislature.
“Long-term budget stability and job creation are vital to improving
The agreement closes a projected budget deficit in excess of $1 billion, setting general fund spending next year at $8.7 billion.
On paper, the deficit was eliminated through $595 million in spending cuts, accounting adjustments and projecting a $450 million revenue increase from higher cigarette and casino taxes.
The agreement also kept the state’s so-called foundation aid payment to public schools at its current level of $6,700 per pupil.