LANSING – The Michigan Economic Growth Authority has two more standard tax credits to offer between now and the end of the year after it reassigned two remaining high-tech credits.
The board agreed Tuesday to reassign credits for Compact Power Incorporated and Johnson Controls from standard to high-tech, essentially using up the remaining high-tech and rural credits.
Officials said discussions with lawmakers were still ongoing to increase the limit on the number of MEGA credits that can be offered each year to allow the authority to continue attracting projects. State officials have warned they need more available credits to help attract new economic development projects.
The standard credits can be used for any project while firms must meet certain requirements to be eligible for the high-tech and rural credits.
More on this story will be in Tuesday’s report.
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