According to the Detroit Free Press, the Michigan state congress is working to grant nine million tax credit over ten years to GM, DaimlerChrysler AG and BMW AG to help establish a R&D facility in Troy.
The bill (Single Business Tax credit) was voted on 104-0 on Wednesday and was sent to the Senate.
What makes this tax credit unique is its emphasis on workers, not equipment. The SBT credit entitles the participating companies to credits equal to 3.9% of the total compensation paid to workers at the facility, up to a maximum of $3 million for each company through 2016. Receipt of the full credit is based on reaching the projected employment targets.
The three automakers are working together to build a two-mode hybrid system. The two-mode hybrid system is a low and high-speed electric variable transmission (ECVT) (follow the link for more information on the two-mode hybrid).
Source on the tax credit: Automakers likely to get tax credit for hybrid R&D
Tuesday, June 27, 2006
Michigan to grant tax break to (US) hybrid automakers
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