Michigan approves $335 million in tax breaks for battery manufacturers
The state of Michigan has been trying to attract advanced technology and green energy companies for several years now - with limited success. The latest effort passed through the Michigan legislature just before the holiday break in the form of tax credits for battery companies that set up manufacturing facilities in the state.So far, lithium ion battery efforts here have been relatively limited with the best known examples being Compact Power Inc and a subsidiary of A123 Systems having research and development operations in the state. CPI is a subsidiary of LG Chem and it is believed to have been awarded the supply deal for the Chevy Volt.
The Michigan legislature passed a package of tax credits valued at up to $335 million for battery manufacturing operations in the state. The precise amount of the tax breaks would depend on production volumes.
[Source: Detroit News]
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