Bingaman Applauds Clean Energy Awards
January 8, 2010
01:11 PM
Today, Chairman Bingaman welcomed the announcement that President Obama will award $2.3 billion for new clean-tech manufacturing. The awards are part of the Recovery Act’s Advanced Energy Manufacturing Tax Credit, a provision that Sen. Bingaman originally authored as a member of the Senate Finance Committee.
As part of the Recovery Act, these tax credits are focused on putting Americans back to work by building a robust domestic manufacturing capacity to supply clean and renewable energy projects with American made parts and equipment. The investment tax credits, worth up to 30 percent of each planned project, will leverage private capital for a total investment of nearly $7.7 billion in high-tech manufacturing in the United States.
“This investment in clean energy will pay significant dividends in the form of manufacturing jobs, will bulk up our industrial base and help boost the production of renewable energy,” Bingaman said. “These tax credits will help America compete on a global scale by making the United States a more attractive location for manufacturers of solar, wind and other green technologies, all while creating jobs and reduces greenhouse gas emissions.”
In fact, the Advanced Energy Manufacturing Tax Credit has been so successful that President Obama has already called on Congress to expand it. This complements the bipartisan legislation Sen. Bingaman introduced along with Orrin Hatch (R-UT), Debbie Stabenow (D-MI) and Richard Lugar (R-IN) in the Senate Finance Committee. The American Clean Technology Manufacturing Leadership Act (S. 2857) provides an additional $2.5 billion in tax credits, enough to leverage $8.33 billion in new domestic investment.
Bingaman chairs the Finance Subcommittee on Energy, Natural Resources & Infrastructure, and plans to convene a hearing in 2010 on tax incentives for energy manufacturing.
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