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GM to spend $3.5B in Michigan under revised tax credit deal

Posted at 11:58 AM, Jan 22, 2020
and last updated 2020-01-22 15:56:54-05

DETROIT (AP) — 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, including to build electric pickup trucks in Detroit.

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.

GM will get flexibility to count more jobs at its headquarters in Detroit and its research, development and engineering campus in Warren.