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Article: WEEK ON THE WEB.(NEWS)
- Article from:
- Crain's Detroit Business
- Article date:
- May 4, 2009
CopyrightCOPYRIGHT 2009 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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State Senate OKs 4th battery tax credit
The state Senate has approved a $100 million tax credit for Korean-based LG Chem and a U.S. subsidiary, Troy-based Compact Inc., which will supply batteries for the Chevy Volt plug-in hybrid car. The credit needs full legislative approval by May 30 to take effect, the Associated Press reported.
The credit would be the fourth awarded to battery manufacturers that open a plant in Michigan and create at least 300 new jobs. Each company can claim up to $25 million over four years starting in 2012.
The Senate also voted to increase tax credits for vehicle engineering to support battery integration.
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