Granholm Signs Legislation Authorizing Tax Credit to Support Advanced Battery Project
Press Release
Granholm Signs Legislation Authorizing Tax Credit to Support Advanced Battery Project
Governor Jennifer M. Granholm today signed a bill into law that authorizes a tax credit to support LG Chem-Compact Power Inc's $200 million lithium-ion battery manufacturing operation in Troy, a partnership with General Motors, which was approved last month by the Michigan Economic Growth Authority (MEGA) board. The project is expected to create more than 300 new jobs in Michigan.
Legislation that established tax credits for three other advanced battery projects - Johnson Controls-Saft Advanced Power Solutions LLC, KD Advanced Battery Group LLC, and A123Systems Inc. - was signed into law by the governor in January and April.
"By leveraging our state's abundant talent in automotive research and development and manufacturing, and by working the most aggressive economic plan of any state in the country, Michigan is poised to become the advanced-battery capital of the world," Granholm said. "We are hopeful that Michigan's leadership will bring significant federal funding to Michigan companies that are creating the green 21st century energy transportation technology here.
Today's action is the latest step in the state's effort to help these companies that are doing business in Michigan capture part of the $2 billion in federal grants for advanced-battery research and development that will be awarded later this year.
"These groundbreaking incentives for battery development and manufacturing add to our comprehensive portfolio of innovative programs, the 21st Century Jobs Fund and Centers of Energy Excellence, now in place to grow our state's economy," MEDC President and CEO Greg Main said. "I want to thank Governor Granholm and our state legislators for giving us another powerful tool in our arsenal to increase investment in Michigan and create thousands of new jobs."
The bill signed today was Senate Bill 466, sponsored by State Senator Wayne Kuipers (R-Holland).
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