Governor signs battery industry tax incentive legislation

[The Straight Story]

Governor signs battery industry tax incentive legislation

Touting Michigan as the best state in the nation for companies that will develop and manufacture batteries to power the electric and hybrid vehicles of the future, Gov. Jennifer Granholm signed legislation earlier today that will expand the amount of available tax credits by $220 million. About $335 million in tax credits were approved in January.

Today’s signing brings the total amount of tax credits the state offers to companies developing vehicle battery products to $555 million, according to the governor’s office. The legislation was sponsored by state Rep. Dian Slavens, a Canton Democrat, and state Sen. John Pappageorge, a Troy Republican.

“This expansion of incentives will keep our momentum going and demonstrate that Michigan is uniquely qualified for a significant portion of the $2 billion in federal recovery money designated to build America’s advanced-battery infrastructure,” the governor said in a statement.

Granholm was joined at the signing ceremony by U.S. Sen. Carl Levin and his brother, U.S. Rep. Sander Levin, both Democrats from the Detroit area. Both said the tax credits will help companies obtain new federal grants available to car battery manufacturers.

http://michiganmessenger.com/16298/governor-signs-battery-industry-tax-incentive-legislation