LANSING, Mich. (AP) -- Michigan is expanding its tax incentive program for companies developing and making advanced batteries used in hybrid and electric vehicles.
Gov. Jennifer Granholm signed a bill into law Monday adding $220 million to the program. Granholm earlier this year signed legislation starting the initiative with refundable tax credits worth up to $335 million.
Lawmakers are hoping the incentives will help put Michigan in the forefront of battery production for the next generation of electric vehicles. Granholm says Michigan's initiative is more aggressive than any other state's plan.
The tax credits could be crucial for programs similar to the production of the lithium-ion battery, which General Motors Corp. expects to power the Chevrolet Volt.
