Manufacturers Support Extension of the Advanced Energy Manufacturing Tax
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.
Manufacturers 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.”
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.
Manufacturers 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.”
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