Wednesday, February 10, 2010

“Republicans unveil plan to revise business tax, incentive program - Morning Sun” plus 3 more

“Republicans unveil plan to revise business tax, incentive program - Morning Sun” plus 3 more

Republicans unveil plan to revise business tax, incentive program - Morning Sun

Posted: 10 Feb 2010 02:37 AM PST

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LANSING (AP) — Republicans in the Michigan House said Tuesday they want to phase out the surcharge on the state's main business tax and reshape tax incentive programs in hopes of sparking job creation.

The broad, 33-page plan pitched by the House's minority party calls for consolidating many of Michigan's industry-specific tax breaks such as those for alternative energy, life sciences and homeland security into larger, more generic pools. Supporters say that would allow projects with the most potential economic benefit — including existing businesses and entrepreneurs — to have a better shot at getting tax incentives.

Tax credits for areas such as brownfield redevelopment and the film industry would be capped.

Business taxes also would be targeted by House Republicans. They would phase out the surcharge on the Michigan Business Tax that raises more than $500 million a year. Another proposal calls for eliminating personal property taxes that cost businesses about $75 million a year on items such as equipment, furniture and computers.

Democrats typically have been critical of proposals that would cut business taxes without identifying specific and immediate ways to replace lost revenue with other tax or revenues increases. Critics have said the state can't afford to reduce tax revenues when the state already expects a shortfall of $1.6 billion for the fiscal year that starts Oct. 1.

Republicans counter that their plan would lower the cost of doing business in Michigan, helping to spark job creation and improve the state's economy.

"The government is not going to create the jobs," said Rep. John Proos, R-St. Joseph. "Businesses and individuals who are willing to take a risk are going to be the ones to create jobs."

House Speaker Andy Dillon, a Democrat from Wayne County's Redford Township, said in a statement that any proposal aiming to create jobs "deserves serious consideration" in the Legislature.

House Democrats have a 66-43 edge over Republicans.

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Possible Guilty Plea In Woods Gatorade Label Case - News 4

Posted: 09 Feb 2010 02:12 PM PST

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Possible Guilty Plea In Woods Gatorade Label Case

DENVER (AP) ― A man accused of replacing labels on dozens of Gatorade bottles in Colorado with ones that pictured Tiger Woods and the word "unfaithful" may plead guilty.

The charges against Jason Kay, 38, allege he misbranded and altered food labels with intent to hurt a brand or business. An affidavit says Kay allegedly told an investigator he considered the switched labels to be pop art.

Kay's defense attorney Paul McCormick confirmed that a plea agreement is in the works.

(© 2010 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)

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Cunningham to Head Travelers Business Insurance Division - Insurance Journal

Posted: 09 Feb 2010 04:54 AM PST

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February 9, 2010

Travelers has promoted Bill Cunningham to executive vice president of its Business Insurance segment effective March 1.

Cunningham began his career with Travelers in 1987 in Commercial Accounts and has held a number of positions of increasing responsibility, including leadership roles in the Travelers Construction, National Accounts and Commercial Accounts businesses. He is also a member of the company's management committee.

He succeeds John Albano, who will take on a part-time role at Travelers.

__

Source: The Travelers Cos. Inc.

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UPDATE 1-Chile's Pinera unveils business-heavy cabinet - Forex Pros

Posted: 09 Feb 2010 01:29 PM PST

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* Pinera names Felipe Larrain next finance minister

* Cabinet made up of businessmen, technocrats, academics

* Pinera appoints center-left rival as defense minister (Updates with cabinet announcement)

SANTIAGO, Feb 9 (Reuters) - Chilean President-elect Sebastian Pinera named a cabinet of business leaders and academics on Tuesday, with economist Felipe Larrain as finance minister tasked with luring investment through tax breaks and subsidies.

Pinera, a billionaire and prominent businessman himself, tapped leaders from Chile's prosperous retail sector as well as lawyers and economists to help steer one of Latin America's most stable economies.

During the election campaign, 51-year-old Larrain, a professor at Chile's prestigious Universidad Catolica, told Reuters he will seek to create a "virtuous circle," boosting growth to stimulate job creation and in turn demand, which stimulates growth.

Pinera has vowed to boost economic growth to 6 percent a year, create 1 million jobs and reform state companies like No.1 global copper producer Codelco to make them leaner and more efficient.

Pinera's critics say his plan relies too heavily on private investment and depends on an uninterrupted recovery from global financial crisis underpinning demand for main export and revenue earner copper, particularly in China.

Planned corporate tax breaks include an accelerated depreciation program as well as delays in tax payments for small and mid-sized companies. However few expect any major changes to policies that have made Chile one of the emerging world's most stable economies.

Chile's central bank has estimated that the economy shrank 1.9 percent in 2009, and forecasts an expansion of 4.5 percent to 5.5 percent in 2010 as the nation emerges from its first recession in a decade.

Pinera appointed his campaign chief, lawyer Rodrigo Hinzpeter, as interior minister, and Alfredo Moreno, a director of retailer Falabella, as foreign minister.

Pinera, who had promised a "unity cabinet," tapped as defense minister a former minister from the rival center-left coalition that he defeated in a January presidential run-off, ending 20 years of leftist rule.

Lawyer Jaime Ravinet had served as defense minister under a previous government of the leftist coalition.

Laurence Golborne, former chief executive of diversified retailer Cencosud, was chosen as mining minister and respected economist Cristian Larroulet was named Pinera's chief of staff. (Reporting by Simon Gardner, Rodrigo Martinez, Fabian Cambero, Alvaro Tapia and Bianca Frigiani; Editing by Eric Walsh)

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