Wednesday, September 26, 2007
The Michigan Economic Development Corporation today announced that three Macomb County tool and die shops have been admitted to existing Tool & Die Recovery Zones, allowing them to operate virtually free of all state and local taxes.
Omega Plastics Inc. and Precision Boring Co., both in Clinton Township, and True Industries Inc., Roseville, will join the 12-member Eastern Michigan Tool & Die Collaborative.
The zones allow companies to operate free of virtually all state and local taxes for up to 15 years, thus assisting their efforts to withstand the press of global competition. Amendments to the Michigan Renaissance Zone Act in 2004 allow existing zones to request the inclusion of additional companies. Approval was granted for the zone expansions today by the Michigan Strategic Fund board chaired by Epolito.
To receive consideration for Recovery Zone designation, tool and die companies must have a collaborative agreement that demonstrates synergistic opportunities among the companies.
According to the most recently available information from the U.S. Bureau of Labor Statistics, Michigan has some 1,780 tool and die establishments with 35,831 employees, representing 19% of the U.S. total in that industry.
The Michigan Economic Development Corporation, a partnership between the state and local communities, promotes smart economic growth by developing strategies and providing services to create and retain good jobs and a high quality of life. For more information on MEDC initiatives and programs, visit the Web site at www.michigan.org.
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