Tuesday, October 23, 2007
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The Michigan Economic Development Corporation today announced that two tool and die shops, one each in Kent and Muskegon counties, have been admitted to existing Tool & Die Recovery Zones. As members, they will be able to operate virtually free of all state and local taxes.
Grand Die Engravers Inc., Grand Rapids, will join the nine-member Tool Makers Alliance Recovery ZonePrecision Tool Company Inc. in Muskegon will become part of the seven-member
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 pressures 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.MichiganBusiness.org.
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