$56.8 million in tax credits approved for 11,000 Michigan jobs

$56.8 million in tax credits approved for 11,000 Michigan jobsAccording to the official reports, a Michigan development office Tuesday approved $56.8 million in tax credits for 10 companies in order to create or keep 11,000 jobs in the state.

The Detroit News has reported that the Michigan Economic Development Corp. approved the credits for Ford Motor Co., Detroit Diesel and eight other firms.

Gov. Jennifer Granholm said in a release, "We're continuing to work hard to diversify Michigan's economy, bring new investment to the state and create jobs. Companies are choosing to invest in Michigan because of our competitive business climate, skilled workforce and strong public-private partnerships."

The News further said that the tax credits were expected to generate $382.5 million in business investments and save 10,000 jobs, while creating 1,000 new employment opportunities. (With Inputs from Agencies)