Manufacturers support extension of tax credit.
Press Release Summary:
According to NAM President John Engler, manufacturers are pleased with Vice President Biden's announcement to extend Advanced Energy Manufacturing Tax Credit by additional $5 billion. Program provides 30% tax credit for investments in facilities that manufacture clean energy technologies including wind, solar, batteries, advanced transportation, and advanced energy transmission. Initiative will spur manufacturing investment and has potential to generate thousands of jobs.
Original Press Release:
Manufacturers Support Extension of the Advanced Energy Manufacturing Tax Credit
Initiative will create jobs and investment in new manufacturing facilities
WASHINGTON, D.C., - 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 today 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 percent 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."
The National Association of Manufacturers is the nation's largest industrial trade association, representing manufacturers in every industrial sector and in all 50 states. Manufacturing has a presence in every single congressional district providing good, high-paying jobs. For more information about the Manufacturers, visit www.nam.org.
