President Obama's FY 2011 Budget Includes Expansion of Stabenow Clean Energy Manufacturing Tax Credit
U.S. Senator Debbie Stabenow today praised President Barack Obama for including in his FY 2011 Budget a $5 billion expansion of the 30 percent tax credit 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 became law last year. As a result, fourteen Michigan businesses received $260 million in tax credits last month to create American jobs and produce renewable energy technologies such as solar panels, wind turbines, and advanced batteries.
"In last week's State of the Union Address, President Obama called for additional incentives to create advanced manufacturing jobs in America. Without new investments here at home, we will lose the race with other countries like China who is spending $288 million a day to develop clean energy technology. Today, I am pleased that the President is moving forward by including $5 billion in manufacturing tax credits in his next budget. I co-authored the provision to add these tax incentives in the Recovery Act last year. It will help fund renewable energy projects and create approximately 17,000 new jobs across the country. By expanding this successful tax credit, we will help more manufacturers put people back to work in Michigan."
--U.S. Senator Debbie Stabenow.
Senator Stabenow's provision in the American Recovery and Reinvestment Act of 2009 allocated $2.3 billion in funds, awarded by the U.S. Departments of Energy and the Treasury. Due to overwhelming interest, the entire amount was exhausted by January 2009 to 183 projects in 43 states. Because the tax credits are worth 30 percent of each qualifying project, they will leverage private capital for a total investment of nearly $7.7 billion in clean energy manufacturing in the United States. Such an investment is expected to create approximately 17,000 American jobs.