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The MEDC today announced that Falcon Tool & Die in Spring Lake has been approved to join the First Choice Machining Solutions Tool & Die Recovery Zone
The Michigan Economic Development Corporation today announced that Falcon Tool & Die in Spring Lake has been approved to join the First Choice Machining Solutions Tool & Die Recovery Zone. As a member of the collaborative, the company will able to operate free of most state and local taxes for 12 years, making it more competitive in today’s global market.
The designation was approved today by the Michigan Strategic Fund Board.
“We’re happy to welcome Falcon Tool & Die as the newest member of Michigan’s tool and die alliances,” James C. Epolito, MEDC president and CEO and chair of the Michigan Strategic Fund board said. “Tax-free designation strengthens these companies through the benefits of collaboration and lower taxes.”
Detailed information about First Choice Machining Solutions and its member companies is available at www.firstchoicemachiningsolutions.com/.
“Our companies face many common issues and we look forward to partnering in the development of responsive business strategies to meet the challenges of globalization and industry contraction,” Falcon Tool & Die President Dave Peppin said.
The zones allow companies to operate free of most state and local taxes. Amendments to the Michigan Renaissance Zone Act in 2004 allow existing zones to request the inclusion of additional companies.
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 percent of the U.S. total in the industry.
About Michigan Economic Development Corporation (MEDC)
The Michigan Economic Development Corporation is the state’s marketing arm and lead advocate for business development, job awareness and community development with the focus on growing Michigan’s economy. For more information on the MEDC and our initiatives, visit www.MichiganBusiness.org. For Pure Michigan® tourism information, your trip begins at www.michigan.org. Join the conversation on: Facebook Instagram LinkedIn, and Twitter.