Kuipers bill also increases, from $90 million to $135 million, the maximum tax credits the state can grant to firms engaged in vehicle engineering to support advanced automotive battery technologies.
Amy Lane - Crain's Detroit Business
- May 12, 2009
Hopefully we'll have the improved battery tech EVs need in the very near future. --Ed.
A bill that expands two Michigan Business Tax credits related to advanced battery technologies has been signed into law.
Gov. Jennifer Granholm on Tuesday signed Senate Bill 466, sponsored by Wayne Kuipers, R-Holland. The bill expands from three to four the number of agreements in which the state can offer tax credits of up to $100 million for advanced battery manufacturing plants.
That fourth tax credit targets an investment of more than $200 million proposed by Korea-based LG Chem, in partnership with General Motors Corp. and LG Chems Troy subsidiary, Compact Power Inc.
The project, to produce lithium ion battery cells at proposed plant, was given conditional approval for tax credits by the Michigan Economic Growth Authority board on April 14.
For the LG Chem project, the board approved a total of $125.2 million in tax credits, pending passage of legislation.
State officials have said the legislation needed to pass in time for companies to meet a May 19 deadline for submitting applications to the... [Read More]