MI SB0466

Authorizes the Michigan Economic Growth Authority to enter into agreements providing tax credits to manufacturers of plug-in traction battery packs for tax years 2010-2014, with credits ranging from $500-$2,000 per pack depending on battery capacity and year.

Allows taxpayers to claim credits up to 75% of qualified vehicle engineering expenses for battery integration and launch costs, capped at $15,000,000 per year and $135,000,000 total, available only after meeting cumulative motor vehicle production thresholds.

Permits credits of 75% of qualified advanced battery engineering expenses exceeding 2008 baseline amounts, limited to one agreement with a maximum $30,000,000 total value and $10,000,000 per year per taxpayer.

Authorizes credits covering 50% of capital investment expenses for construction of integrative cell manufacturing facilities with anode/cathode production and cell assembly, allowing up to 4 agreements at $25,000,000 per year maximum for 4 years beginning in 2012.

Requires the Michigan Economic Growth Authority to appoint a review board of independent scientists to evaluate facility agreements and provide certificates to qualified taxpayers before credits may be claimed.