Business Services Industry
Tax breaks help and hurt: city stamping biz suffers growing pain. (tax incentives for the automotive part-stamping business of New Center Stamping Inc. in Detroit, Michigan)
Crain's Detroit Business, June, 1998 by Sherefkin, Robert
The automotive stamping business has been decimated by competition and consolidation. That's not all bad news to Gregory Smith. It means more business for Smith, who is staging a manufacturing revival in one of Detroit's ugliest industrial neighborhoods with a turn-of-the-century plant and 310 employees, mostly city residents.
Smith, chairman and CEO of New Center Stamping Inc., is being lauded Tuesday by Mayor Dennis Archer and Gov. John Engler on his company's fifth anniversary in what is now the city's empowerment zone. The zone provides federal tax credits for employment, and the politicians are looking for the company's continued growth and hiring. But Smith has a problem. The tax breaks from the empowerment zone and adjacent renaissance zone,...
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