GM to spend $3.5 billion in Michigan under revised tax credit deal
(1/22/2020) - Michigan has agreed to revise decade-long tax breaks for General Motors in exchange for the company's commitment to spend at least $3.5 billion more over 10 years in the state.
The spending includes building electric pickup trucks in Detroit at the former Detroit-Hamtramck Assembly plant.
Under the deal approved Wednesday, GM's maximum credit will be cut by $325 million, to approximately $2.28 billion, and will be capped annually.
The company will still have to retain at least 34,750 jobs in Michigan. It has about 45,000 now.
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GM will get flexibility to count more jobs at its headquarters in Detroit and its research, development and engineering campus in Warren.