Tax credits creates 11,000 new jobs in Michigan

Tax credits creates 11,000 new jobs in Michigan

Tax credits creates 11,000 new jobs in Michigan

Funds of amount $73.8 million was sanctioned by the Michigan development office on Tuesday June 15 which will provide tax credits to ten companies in the state which in turn will create 11,000 jobs in Michigan. The tax credit was approved for companies such as Ford Motor Co. and Detroit Diesel.

Detroit Diesel makes diesel engines for trucks and it will get $56.8 million which the company will invest in Redford Township operations. About 7,704 jobs will be created by the new project.

Ford was given $10 million in tax credit to renew the Wayne Stamping Plant, which is part of Michigan Assembly Plant. The new facility will be used to design new parts for Ford Focus and Ford's next generation hybrid vehicles will be delivered from the plant. The project will take in investment of $80 million to create 100 jobs.

The food service distributer, Gordon Food Service will be given a tax credit of $1.7 million which will be used for five years to carry out operations in Canada. The company will invest $24.2 million in Wyoming to start the service that will create 400 jobs which includes 173 at the company.

National Logistics Management Co. is a provider of supply chain logistics solutions and it plans to invest $12.5 million to create 163 jobs and to retain 122 employees.

Witzenmann LLC will invest $13.1 million and create 267 jobs. It is one of the largest manufactures of flexible metallic component. Fisher & Co. Inc. plans to invest $14.8 million and create 489 jobs. With the sanctioning of tax credits for some of the companies more job opening are created in Michigan which is a positive step to provide employment in state.

As the job condition in Michigan improves, developments could be seen in the housing markets and the state which owns low - cost foreclosure homes may see rise in price. This is the right time to invest in properties in Detroit, the city which has cheapest foreclosure homes and to get the best deals buyers can contact Mayfair Group.

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