DETROIT, MI — General Motors revealed the automaker received a three-point-eight-billion-dollar tax credit from the state after it filed for bankruptcy in 2009.
The Michigan Economic Development Corporation credit covered 2010 through 2029 in order to save jobs at the automaker. The “Detroit Free Press” reports the state and GM renegotiated the tax credit cap in 2015 but did not disclose it until now.
The Michigan Supreme Court mandated GM to disclose the tax credits by ruling it public information. The automaker says the tax break has helped to create over ten-thousand jobs.
