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Asset Acceptance LLC, a subsidiary of Warren, Mich.-based debt buyer Asset Acceptance Capital Corp., last week announced that it has signed an agreement with the Michigan Economic Growth Authority to provide tax credits to the company to support job creation at its Warren facility.
The Michigan Economic Development Corp. (MEDC) estimates the increased economic activity created by the facility will create more than 600 jobs, including more than 430 directly by the company. Based on the MEDC's recommendation, the Michigan Economic Growth Authority board last month approved a state tax credit valued at $2.7 million over seven years to help convince the company to locate in Michigan over a competing site in Ohio.
In addition to the state tax credit, the city of Warren recently approved a six-year property tax abatement for Asset Acceptance in the amount of $172,305. Asset Acceptance says it plans to invest $8.1 million to expand core competencies while building analytical and technical capabilities to fuel future growth in Warren.
"We are pleased to be working with state and local governments to foster the continued growth of Asset Acceptance and do our part to bring much needed jobs to the Michigan economy," Rion Needs, AACC's president and CEO, said in a news release. "Programs like the [Michigan Economic Growth Authority] tax credit illustrate how businesses and government can work together to spur growth and create jobs in the face of difficult economic conditions."
