Wednesday, January 27, 2010

Tax credits bring 5,000 jobs to Michigan

More than 5,000 jobs are coming to Michigan, reported WXYZ after a series of companies took advantage of tax incentives.

Crain’s Detroit Business reports an estimated 1,100 jobs were created or retained by the six Southeast Michigan projects, and eight statewide projects represent more than $76.8 million in investments and created 2,581 jobs. Incentives for the eight projects were granted Tuesday by the Michigan Economic Growth Authority.

Companies taking part in the initiative include:

  • Axel Tech LLC, which received approval for a $5.4 million project to consolidate four Michigan and Illinois operations into a new Troy location. The $1 million tax credit will retain an estimated 107 jobs.
  • BioDri, an alternative energy products manufacturer, which is planning a facility in Blissfield.
  • Colwell & Salmon Communications, a provider of inbound and outbound teleservices, which plans to expand its Livonia call center. The company received a $1.3 million tax credit, plans to create 502 jobs and is also considering a property tax abatement for expansion.
  • ilumisys Inc., a spin-off of Altair Engineering, which received a $4 million tax credit to expand research and development of LED (light emitting diode) technology and create 213 jobs, as reported by the Oakland Press. The company also plans to move into a new Troy location, which will become its research and manufacturing center.
  • Magneti Marelli Holding USA, a Fiat Holdings subsidiary, which plans to consolidate four Oakland County operations into one expanded Auburn Hills facility. The $4.5 million investment project was granted a $4 million tax credit and will create 200 jobs.
  • Oak Wyandotte LLC, which proposed a project to demolish an abandoned facility and construct a new commercial building for retail and restaurant usage. The $1 million redevelopment project received a $118,750 tax credit and will create up to 15 jobs.
  • Quality Metalcraft Inc., which was approved for a $1.7 million project in Livonia to design and manufacture aerodynamic fairings for tractor-trailer systems. It was granted $455,648 in tax credits and expects to add 64 jobs.
  • Tata Consultancy Services
Gov. Jennifer Granholm stated Tuesday, “The scope of these projects demonstrate that Michigan has exactly what companies are looking for as they choose where to locate and grow their business — an aggressive economic growth strategy, a competitive business climate, innovative economic development tools and an outstanding workforce. If companies are looking to invest and create jobs, we want them to know that Michigan is a great state to do business.”

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