LANSING – State Representative Gino H. Polidori (D-Dearborn) today announced that International Automotive Components Group N.A. Inc., which is headquartered in Dearborn, has been approved for a tax credit valued at $23 million over 10 years from the Michigan Economic Growth Authority (MEGA).
"Investing in companies that invest in our economy is the best way to create jobs for our workers and keep Michigan moving forward," Polidori said. "Michigan has the highest unemployment rate in the country. By giving businesses like International Automotive Components incentives to stay in our state and provide jobs, we are building a brighter future for all Michigan residents."
International Automotive Components Group N.A. Inc. (IAC) develops and manufactures auto supplies. Key products manufactured at IAC facilities include door panels, flooring and acoustics, instrument panels and cockpits, overhead systems and trim.
The tax incentive is designed to encourage IAC to create and retain jobs in Michigan. The company is considering initial investments of $3.3 million at its Port Huron facility, $2.6 million at its St. Clair facility, and $804,000 at its Warren facility. Additional investment and transfers from IAC facilities outside of Michigan could result in the creation of 200 new jobs for Michigan workers and the retention of up to 7,722 jobs.
"Michigan's economy relies on top-notch businesses like IAC that choose to expand and invest in our economy," Polidori said. "This tax credit is good news for IAC and great news for Michigan workers."