The Michigan Economic Growth Authority, or MEDC, today authorized $23.5 million in tax breaks for four companies, including General Motors (GM) and Hewlett-Packard (HPQ), reported The Detroit News. According to the story, General Motors received a $10 million tax credit to retool a site at its Flint Van Slyke complex to be able to maintain up to 185 jobs, and HP Enterprise Services, a division of Hewlett-Packard, received a $3.5 million tax credit over seven years.
The incentive will help the Detroit car maker finance a new paint shop in 850,000 square-foot facility and support the complex’s truck assembly operations. Hewlett-Packard said it intends to invest up to $4.8 million in its Pontiac facility and create up to 250 jobs during the next five years.
During Tuesday’s trading session, GM shares have gained 2.66% to $29.35. HPQ is up 17 cents or less then one percent to $34.82.