MEDC approves tax breaks for battery companies

By Mark Bashore, WKAR Radio News

East Lansing, MI – Mark Bashore, WKAR Radio News

Plans to create a 21st century battery industry in Michigan are accelerating.

The Michigan Economic Development Corporation Tuesday gave the green light for up to $400-million in tax breaks to battery-related companies to grow their operations in the state.

MEDC executive Doug Parks says the four companies work on a variety of applications.

A number of states are competing for advanced battery manufacturing.

Governor Jennifer Granholm signed a law allowing the tax breaks last week.

State officials hope the incentives will help the companies' chances at federal stimulus money earmarked for energy projects.

The state forecasts the advanced battery industry eventually could create more than 20,000 jobs.