ROCHESTER HILLS (WWJ/AP) – Michigan Gov. Rick Snyder has signed legislation to allow qualified companies that create hundreds or thousands of Michigan jobs to receive tax incentives.

The Republican on Wednesday signed the “Good Jobs” package of bills (SB 242-244) at an industrial property in the Detroit suburb of Rochester Hills.

Among those on hand for the signing on was Rochester Hills Mayor Bryan Barnett who said he hopes to see a large industrial development on the site of an old landfill.

The governor’s office says the law is designed to help diversify Michigan’s economy and attract new, large-scale employers.

“The resurgence of Michigan as a manufacturing powerhouse is clear. We are prouder than ever of our thriving economy, our talented workforce and our low unemployment rate,” Gov. Snyder said, in a statement. “But we will not be complacent, as we were during the Lost Decade. Michigan needs to set the stage to grow entirely new industries and continue to diversify our economy. By now we know the realities of today’s economic environment and will do everything we can to remain the most competitive state for business and show the rest of the nation and the world that Michigan is the best place to create new jobs.”

The new incentives will be capped at $200 million a year. The legislation came six years after Snyder and fellow Republicans replaced such breaks with a scaled-back economic development program.

Snyder had pushed the Legislature to approve the program this summer, hoping it would help persuade Taiwanese electronics contractor Foxconn to build a Michigan factory.

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