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.