Truth Staff
WASHINGTON -- Think North America is one of four Indiana companies receiving a total of $35 million in newly approved tax credits through the federal economic stimulus package, U.S. Sen. Evan Bayh announced Friday.
Think, which this week said it will locate its first American electric car factory in Elkhart, will get $17 million in assistance. The funding was awarded through the American Recovery and Reinvestment Act's Advanced Energy Manufacturing Tax Credits program.
The program is administered through the federal treasury and energy departments. It helps businesses leverage capital by providing up to 30 percent of the money needed for high-tech manufacturing projects, Bayh, D-Ind., said in a statement.
Richard Canny, Think Global's chief executive officer, told The Elkhart Truth last week that the company was hoping for federal assistance -- though he did not mention this program. The company is applying for a loan through another Department of Energy program, he said, and it appears these tax credits could supplement any further award.
Receiving the federal loan, Canny said, would allow Think to get its operation up and running quicker and broader. Federal assistance would also allow for the company to do more research and development in the United States, he said.
Companies in Auburn, Crawfordsville and Yorktown also received awards.