Tax Credits Advantages for Business

The Michigan Economic Development Corporation awarded more than $156.7 million in tax credits Thursday to fund 11 job-generating ventures across the state.

The tax credits will help 10 Michigan companies and back a brownfield redevelopment project, creating an estimated 17,321 new jobs and generating more than $804 million in new state investments, according to a statement released by Gov. Jennifer Granholm.

Projects include a Northville Township development facility that will supply materials for lithium-ion battery cells, solar shingle production at a Midland Dow Chemical Company and cell and battery manufacturing for electric and hybrid vehicles at a new Dow Kokam facility in Midland.

“Companies are choosing to invest and grow in Michigan because we are a great state in which to do business.” “From solar shingles and advanced batteries to boats and scrap-tire recycling, we are creating a diversified economy where firms across a wide spectrum of industries are finding success and growing new jobs.”

The new measure includes a payroll tax credit for businesses that hire unemployed workers, an extension of the federal Highway Trust Fund, expense deductions for small businesses, and an extension of the two-year Build America bond program to fund state and local infrastructure projects.