Senator Stabenow Applauds Announcement to Make Clean Energy Manufacturing Tax Credits Available to Michigan Companies
U.S. Senator Debbie Stabenow, author of the Advanced Energy Manufacturing Tax Credit (also known as 48C), today praised the Departments of Treasury and Energy for announcing the availability of $150 million in tax credits for clean energy manufacturing projects across the country. As a member of the Senate Finance Committee, Stabenow authored the tax credit which provides businesses with up to a 30 percent tax cut to produce renewable energy technologies such as solar panels, wind turbines, and advanced batteries here at home. In 2010, Stabenow's initiative helped twelve Michigan companies across the state create hundreds of clean energy jobs.
"My initiative is helping clean energy manufacturers in Michigan and across our country compete against other countries like China, which spends over $140 million a day on clean energy technology," said Senator Stabenow. "I'm very pleased more Michigan companies will have the opportunity to build new manufacturing facilities, continue to make new clean energy products, and help us win the global race to create the jobs of the future."
Over the past four years, the United States has more than doubled clean, renewable energy generation from wind, solar, and geothermal sources, and has strengthened its position as a global leader in the clean energy race. At the same time, the American manufacturing sector has begun to rebound, with 500,000 manufacturing jobs added since the beginning of 2010. These tax credits will help continue this growth, while enhancing the country's energy security and boosting local economic development.
Eligible projects will be assessed on a competitive basis by the Department of Energy based on the following criteria: commercial viability, domestic job creation, technological innovation, speed to project completion, and potential for reducing air pollution and greenhouse gas emissions. The application period for certification began February 7, 2013 and ends on July 23, 2013. Companies interested in applying should click here.
