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Michigan would create new economic development funds to help the state land major business expansions, including possible electric vehicle and battery plants, under fast-tracked bills that received initial approval Wednesday. Lawmakers did not say how much money they may put into the accounts to offer manufacturers and other companies and to prepare shovel-ready industrial sites.…

Lawmakers hope to attract possible electric vehicle and battery plants.

Lawmakers hope to attract possible electric vehicle and battery plants.

The legislation follows recent developments in which Michigan was passed over for electric vehicle and battery manufacturing plants.

The legislation would create a statewide incentive to develop and retain businesses in an increasingly competitive market. Five Democrats and 16 Republicans voted against the bill.