White House Endorses Expansion of Stabenow Clean Energy Manufacturing Tax Credit
U.S. Senator Debbie Stabenow today reacted to Vice President Biden's announcement in support of a $5 billion expansion of the 30 percent tax she created for advanced energy manufacturing. Senator Stabenow co-authored the tax credit with Energy Committee Chairman Jeff Bingaman (D-NM) as part of the American Recovery and Reinvestment Act, which passed earlier this year. The credit provides businesses with an incentive to produce renewable energy technologies such as solar panels, wind turbines, and advanced batteries here in America and creates clean energy jobs. The $2.3 billion in funds, awarded by the U.S. Departments of Energy and the Treasury, is expected to run out by mid-January due to a high number of applicants.
"In order to turn Michigan's economy around and create jobs, we need to build the clean energy technology of the future here in America. Otherwise, we will lose the race with other countries and see those jobs go overseas. This manufacturing tax credit, which I co-authored in the recovery act, has already spurred interest to invest in renewable energy technologies such as wind, solar, geothermal, and advanced batteries for vehicles in Michigan and across the country.
"This initiative is central to any jobs package, and I am pleased the White House has endorsed an expansion of this credit. We have a long line of manufacturers that have applied for the credit, manufacturers that are going to be able to put people to work."
--U.S. Senator Debbie Stabenow