WASHINGTON-The National Association of Manufacturers (NAM) president John Engler issued the following statement in response to Vice President Joe Biden’s remarks on the Advanced Energy Manufacturing Tax Credit: “Manufacturers are pleased to see Vice President Biden’s announcement to extend the Advanced Energy Manufacturing Tax Credit by an additional $5 billion.Known as Section 48C, the credit was an important provision in last year’s stimulus bill.
It provides a 30% tax
credit for investments in facilities that manufacture clean energy
technologies including wind, solar, batteries, advanced transportation
and advanced energy transmission.
The initial tax credit
program was capped at $2.3 billion and is already oversubscribed. If
extended, this program will spur manufacturing investment and has the
potential to generate thousands of jobs.
recognize the need to promote energy efficiency across the U.S. economy
and have taken the lead in making energy efficiency a priority. We hope
Congress will follow the Administration’s lead and act quickly to
expand the program.”
Manufacturers Support Extension of the Advanced Energy Manufacturing Tax
March 22, 2010