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Ford and the state have restructured their MEGA tax credit deal.
The Michigan Strategic Fund board approved a plan Monday, which caps Ford’s business tax incentive package at $2.3 billion.
In return, Ford will invest another $3.1 billion in its Michigan facilities to keep those tax breaks.
Ford first received the tax credits in 2009 to stem job cuts at the automaker during the recession.
Since then the tax credits – offered to Ford and others – have blown a hole in the state budget.
The tax credits however did result in Ford keeping nearly 36,000 jobs in Michigan.
