Michigan Gov. Rick Snyder has signed legislation to allow qualified companies that create hundreds or thousands of Michigan jobs to receive tax incentives.
The Republican on Wednesday signed the "Good Jobs" package of bills at an industrial property in the Detroit suburb of Rochester Hills. His office says the law is designed to help diversify Michigan's economy and attract new, large-scale employers.
Snyder says Michigan "needs to set the stage to grow entirely new industries."
The new incentives will be capped at $200 million a year. The legislation came six years after Snyder and fellow Republicans replaced such breaks with a scaled-back economic development program.
Snyder had pushed the Legislature to approve the program this summer, hoping it would help persuade Taiwanese electronics contractor Foxconn to build a Michigan factory.