The $101 million incentive package was authorized by Michigan legislators as payment for Ford Motor Company's proposed 3,030 job expansion.
Additionally, it will result in investments in manufacturing facilities worth $1.16 billion across the state.
The tax-funded incentive is conditional on Ford meeting committed job targets and will be paid in increments.
The last step before the money could start going to Ford was the state Senate Appropriations Committee's approval last week.
It comes just after Ford announced plans to invest $3.7 billion in manufacturing sites spanning Michigan, Ohio, and Missouri, creating 6,300 new jobs, all in the Midwest.
Ford's director of economic development, Gabby Bruno, said that the new investments will enable the carmaker to almost treble production.