LANSING, MI (AP)-- Fiat Chrysler and Michigan have reached a deal so the automaker must invest $1
billion in Michigan facilities to qualify for a maximum of $1.93 billion in tax credits over the next 15 years.
The Michigan Strategic Fund approved the amended tax agreement Tuesday. It's the second deal with one of the Detroit Three carmakers as Gov. Rick Snyder tries to get a handle on billions in business tax credits for which the state is liable.
Many of the credits were issued during the recession to keep auto jobs in Michigan.
Economic development officials say the state will get better predictability on the size and timing of credits being claimed.
The deal revises an agreement the automaker struck with the former Michigan Economic Growth Authority in 2010.
