Thursday, May 1, 2008

Tax break supported Extended for Chrysler

The Detroit City Council's planning and economic development committee Wednesday approved sending a proposed 12-year tax break for new investment at Chrysler's Jefferson North Assembly to the full council for consideration.


The tax break would total nearly $23 million on an investment worth $280 million. The total project is valued at $373 million but the automaker is not seeking abatement on $92 million, a letter from the city's fiscal analysis division's director Irvin Corley said.

He recommends the city approve the tax break, noting Chrysler's total investment will generate nearly $10 million in real estate, personal property and income taxes more than the cost of the abatement. He wrote that the new investment could lead to the addition of up to 950 jobs.

The Detroit City Council is expected to take up the measure Tuesday.

No comments: