By Nicole Walton
Undated – Michigan companies involved in advanced battery development would take advantage of additional tax credits, under a plan introduced in congress. Governor Granholm signed a bill in January that offers businesses that produce, develop, and commercialize high-tech batteries up to $335 million in refundable tax credits. The new initiative would provide an additional $200 million in credits, which would be spaced out over the next four years.
The Center for Economic Analysis at Michigan State University estimates more than 40,000 jobs and $9 billion in economic activity could be generated by the credits. The Michigan Economic Growth Authority awarded the first credits last month to G-M for the production of lithium-ion batteries for its Chevy Volt.