Michigan Gov. Jennifer Granholm last week signed off on a new tax-free Renaissance Zone in the town of Holland for a new automobile battery plant.

The move means that battery-maker LG Chem Ltd. will not have to pay any state or local taxes for at least 15 years on the 120-acre site.

The new factory is expected to generate 300 new jobs, a local report said.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.