Michigan economic incubator extends tax credit to ramp ilumisys manufacturing
Ilumisys will expand research and development of LED lighting technology and ramp-up manufacturing with $4 million tax credit.
The Michigan Economic Growth Authority (MEGA) awarded ilumisys a $4 million tax credit that could create as many as 555 new jobs in the state. Ilumisys is focused on solid-state-lighting products such as LED-based replacements for fluorescent tubes and incandescent bulbs.
The company will use the credit to expand its research and development effort and to build a manufacturing facility in Michigan. MEGA extended the credit based on the recommendation of the Michigan Economic Development Corporation (MEDC).
"Michigan is in a position to become a global leader in solid-state lighting manufacturing, research and development and it is our intention to keep and foster the growth of this industry right here in our home state," said Greg Main, President and CEO, MEDC.
"Companies like ilumisys and organizations like the newly-formed Michigan Solid-State Lighting Association are proof that Michigan is poised for growth in this industry." A group of corporations, universities and state agencies formed the Michigan Solid-State Lighting Association in October 2009 and ilumisys is a member of the founding group.
The MEGA credit, along with $7.4 million that ilumisys plans to invest, will create a projected 213 new jobs at ilumisys and 342 other new jobs throughout the state in related businesses.
"The support from the State of Michigan combined with our recent federal tax credit award will help ilumisys ramp-up our manufacturing efforts right here in Michigan," said Dave Simon, president of ilumisys. "We are sincerely appreciative of the MEDC's efforts to secure this funding, which is a key component to growing manufacturing and leveraging the innovation and intellectual property in the state."
ilumisys and other Michigan businesses have also recently won federal tax credits. In total, state businesses won $242 million in White House Advanced Energy Manufacturing tax credits that is targeted at creating green manufacturing technology jobs. ilumisys received $1.3 million in tax credits under the federal program to automate production of LED replacements for fluorescent tubes.