NEMA Commends Senate on energy-efficiency tax legislation.
Press Release Summary:
NEMA commends introduction of Expanding Industrial Energy and Water Efficiency Incentives Act of 2012 by Senators Jeff Bingaman (D-NM), Olympia Snowe (R-ME), and Diane Feinstein (D-CA). Legislation includes measures that help business make long term energy and financial saving investments, such as tax credit of $120/horsepower for advanced motor systems. Kyle Pitsor, NEMA VP of Government Relations, believes tax credit provides incentive for businesses to use energy more efficiently.
Original Press Release:
NEMA Commends Introduction of Energy-Efficiency Tax Legislation
ROSSLYN, Va. - Senators Jeff Bingaman (D-NM), Olympia Snowe (R-ME), and Diane Feinstein (D-CA) have introduced legislation supported by the National Electrical Manufacturers Association (NEMA) to spur the adoption of energy saving technology in the marketplace. The Expanding Industrial Energy and Water Efficiency Incentives Act of 2012, includes many important measures that help business make long term energy and money saving investments, such as a tax credit for the purchase of an advanced motor system.
According to NEMA Vice President of Government Relations Kyle Pitsor, the advanced motor tax credit provides a commonsense incentive to use energy more efficiently.
"Energy savings gained from installing advanced technology motor systems will be felt for years to come. We commend Sens. Bingaman, Snowe, and Feinstein for their leadership on this legislation and look forward to working with them to get this bill to the President's desk," he said.
The tax credit of $120 per horsepower for advanced motor systems would incentivize purchasers to deploy these technologies in the marketplace at a faster rate. Greater deployment would spur economic growth and job creation in the manufacturing, commercial, and industrial sectors while at the same time saving energy and energy costs.
NEMA is the association of electrical equipment and medical imaging manufacturers, founded in 1926 and headquartered in Arlington, Virginia. Its member companies manufacture a diverse set of products including power transmission and distribution equipment, lighting systems, factory automation and control systems, and medical diagnostic imaging systems. Worldwide annual sales of NEMA-scope products exceed $120 billion.
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