Tuesday, March 28, 2006
Michael Shore, MEDC
New State Tax Credit Spurs Investment and Jobs
New legislation recently signed into law by Governor Granholm allows companies such as Dow Chemical to receive a refundable 15 percent Single Business Tax credit for taxes paid on industrial personal property for four years. The goal of the new economic development credit is to encourage investment and upgrades in Michigan facilities.
The city of Midland is considering a local tax abatement worth up to approximately $3.5 million over 12 years to support the project.
Dow Chemical offers a broad range of innovative products and services to customers in more than 175 countries, helping them to provide everything from fresh water, food and pharmaceuticals to paints, packaging and personal care products. Dow has annual sales of $46 billion and employs 42,000 people worldwide.
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