Michigan Awards Additional $220 Million in Battery Credits
The state of Michigan is continuing their efforts to become the worldwide leaders in automotive battery production. State legislators recently approved another plan that will award $220 million in tax credits to companies in the advanced automotive battery field.
The legislation and credits from the plan will be directly beneficial to numerous companies including Ford, General Motors, and Dow Chemical Co.
The new tax credit plan is awaiting the signature of Governor Jennifer Granholm, but its likely to be approved shortly.
The plan will provide $100 million in tax credits for the establishment of battery cell and component manufacturing facilities with the additional $120 million in credits going to companies that assemble complete battery packs. Credits will be awarded based on the size of the production facilities and number of employees.
According to state legislators, this new tax credit plan has the potential to create more than 2,000 jobs in the battery industry. Ford has already announced plans to move battery production from Mexico to Michigan if certain conditions including tax credits are met by the state.
The new bill is but one more steps towards the goal of making Michigan the battery capital of the world.
Source: Michigan Awards Additional $220 Million in Battery Credits
The legislation and credits from the plan will be directly beneficial to numerous companies including Ford, General Motors, and Dow Chemical Co.
The new tax credit plan is awaiting the signature of Governor Jennifer Granholm, but its likely to be approved shortly.
The plan will provide $100 million in tax credits for the establishment of battery cell and component manufacturing facilities with the additional $120 million in credits going to companies that assemble complete battery packs. Credits will be awarded based on the size of the production facilities and number of employees.
According to state legislators, this new tax credit plan has the potential to create more than 2,000 jobs in the battery industry. Ford has already announced plans to move battery production from Mexico to Michigan if certain conditions including tax credits are met by the state.
The new bill is but one more steps towards the goal of making Michigan the battery capital of the world.
Source: Michigan Awards Additional $220 Million in Battery Credits
Related Stories
12/21/2009 02:28 PM: USA to get the Fiat 500? as engine factory to be built in Michigan by DavidGPFiat currently owns 20 percent of Chrysler and can raise its stake to 35 percent once it satisfies three criteria: builds a plant in the U.S. to assemble fuel efficient engines; builds a 40 mpg car in...
12/01/2009 07:36 AM: ARCA Series will stop at Michigan International Speedway, Berlin Raceway in 2010. by Jon Maor
Stock car racing fans throughout Michigan once again will have two opportunities to catch the traveling ARCA Series up close in 2010. ...
10/17/2009 07:51 PM: Pastrana closes 2009 with a victory in Michigan by Jamiko
Subaru Rally Team USA driver Travis Pastrana wrapped up his winning 2009 Rally America season with yet another victory this weekend at the year-end Lake Superior Performance Rally."This was a gre...
09/23/2009 03:44 PM: Hummer headquarters to be in Michigan after sale by Timothy Tibbetts
Hummer plans to invest $9.4 million over five years and take advantage of tax credits to set up a Michigan headquarters after China's Tengzhong acquires the brand from General Motors Co, a Hummer spo...
07/21/2009 10:09 AM: Toyota overhauling entire U.S. operation -Michigan Auto News & Reviews - MLive.com by Timothy Tibbetts
For years, Toyota Motor Corp. could do no wrong in the U.S. market. Customers snapped up the Japanese automaker's Camrys, RAV4s and Lexuses (Lexi?) as fast as the automaker could build them, prompting...
