Tax Breaks for High-Energy Batteries Headed to Governor

Plan provides Tax Credits For Companies to Promote Fuel-Efficient Vehicles

December 30, 2008       Leave a Comment
By: MyBayCity Staff

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PRESS RELEASE: State Representative Jeff Mayes (D-Bay City), a leader in the fight to promote alternative energy technologies throughout Michigan, today announced that a bipartisan, bicameral package to promote the research and development of high-energy batteries and encourage auto manufacturers to develop cars with this technology is headed to the Governor to be signed into law.

"This vote is a victory for innovation and the new technologies that will move Michigan forward," said Mayes, Vice-Chair of the House Energy and Technology Committee. "Not only does this plan create good-paying jobs now, it positions our Michigan automakers to be leaders in the field of hybrid and electric cars for years to come. This is a shot in the arm that our economy desperately needs."

The plan, which unanimously passed the House, provides a series of four tax credits which reward:

· Manufacturing plug-in traction battery packs;

· Research and engineering on battery integration;

· Engineering for advanced battery technology;

· Capital investment for the construction of an integrative cell manufacturing facility.

The credits are performance-based, rewarding innovation by providing a larger tax incentive for the production of higher capacity, more efficient batteries, as well as a credit based on how many vehicles utilize the batteries.

"Not only does this plan reward those who create the best product, it provides an incentive for our automakers to quickly move away from foreign oil and embrace the energy sources of tomorrow," Mayes said. "Michigan has long been the home of the auto industry. By creating the batteries that will power a new generation of automobiles, we will ensure that Michigan is a leader in the alternative energy industry as well."

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