Ford Gets $55 Million Tax Incentive For Electric Development

February 17, 2009

Today Ford announced it is the recipient of a $55 Million tax incentive - a refundable tax credit - from the state of Michigan. The money will be channeled through the newly formed Michigan Advanced Battery Credits initiative, with the stipulation that Ford use it to continue development of advanced batteries and electric vehicles.

The Michigan Advanced Battery Credits Initiative is an offshoot of the Michigan Economic Development Corp., and could provide refundable tax credits to other companies who invest similarly in electric vehicle/battery programs.

This is another (eco)boost for Ford, who just announced that their new UAW deal will not include any Federal money to support its operations through 2009. The blue oval looks quite forward-thinking these days, having just released the award-winning 2010 Ford Fusion Hybrid and poised to install a whole new generation of fuel-sipping engines across their car and crossover lineup.

[source: Free Press]

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