Mich. lawmakers approve more battery tax credits

AP News
Posted: Dec 18, 2009 11:45 AM

Michigan's Legislature has passed another round of legislation to authorize tax credits to companies working on advanced vehicle battery technology and battery pack assembly processes in the state.

The legislation overwhelmingly approved late Thursday is now headed to Gov. Jennifer Granholm. The measures could help companies including Ford Motor Co., General Motors Corp., Dow Chemical and Fortu PowerCell expand operations in the state.

If passed, the bills will allow the state to grant companies tax breaks that would vary by project size and process. A lithium ion battery company, for example, could get up to $78 million in tax credits.

The legislation builds on a package enacted into state law earlier this year.