Michigan Announces $200M in Tax Credits to Support Clean Energy

Today, the Michigan Infrastructure Office (MIO) announced $200 million in tax credits to bring more of the clean energy supply chain to Michigan.
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The state of Michigan announced $200 million in tax credits to enhance the clean energy supply chain. // Stock Photo
The state of Michigan announced $200 million in tax credits to enhance the clean energy supply chain. // Stock Photo

Today, the Michigan Infrastructure Office (MIO) announced $200 million in tax credits to bring more of the clean energy supply chain to Michigan.

As part of the 2024 budget, these tax credits will support clean energy infrastructure projects such as solar photovoltaic wafers (which work when the sun shines), renewable energy, industrial decarbonization, green hydrogen, semiconductors, and more. MIO will continue to oversee innovation and investments in the state’s energy sector.

“These tax credits will be significant in helping ensure a stronger clean energy supply chain right here in Michigan,” says Zachary Kolodin, Michigan’s chief infrastructure officer. “Our state has invested in taking all the necessary steps to protect our land, air, and water and improve our public health, while simultaneously creating good paying jobs and spurring economic development in the clean energy space. We are excited to continue on this journey, alongside so many other states, and work toward bringing the clean energy supply chain back onshore.”

With the passage of the Bipartisan Infrastructure Law and the Inflation Reduction Act, more companies are focused on bringing the clean energy supply chain back to America, which will not only support local economies but will boost the U.S. manufacturing of clean energy and transportation technologies.

The MI Healthy Climate Plan, launched in 2022, aims to make Michigan 100 percent carbon neutral by 2050 and has already made impactful investments:

  • Billions in new investments have been announced to bring the supply chain of electric vehicles, chips, and batteries to Michigan.
  • Solar panels have been deployed on state-owned properties to power state government with 100 percent renewable energy by 2025.
  • Bipartisan budgets investing millions in climate resilient infrastructure and clean energy upgrades for state facilities, families, and small businesses have been signed.
  • More than $45 million to build up Michigan’s electric vehicle charging infrastructure network has been invested as well as $17 million to transition buses and heavy-duty vehicles to clean fuels and electrification.
  • Millions in Michigan’s Green Bank, Michigan Saves, to help families and small businesses finance clean energy, efficiency, and lead abatement programs have also been invested.

“The state’s efforts to build a brighter future for generations cannot be successful without positioning clean energy at the center of all our work,” says Quentin L. Messer, CEO of the Michigan Economic Development Corp. (MEDC).

“Across the state, we share a unified goal of ensuring we leave a cleaner, more sustainable, and more prosperous future for future generations, and are taking actions today to make that a reality. This innovative resource is just one of many ways that Team Michigan is committed to out-competing, out-hustling, and out-performing our competitors for years to come.”

To learn more about MIO, click here. To learn more about the MEDC, click here.