U.S. Senators Debbie Stabenow (D-MI) and Orrin Hatch (R-UT) today announced that the Senate passed their amendment to the American Workers, State, and Business Relief Act of 2010 to make much-needed capital available to struggling American companies. The "American Job Creation and Investment" amendment will allow companies to utilize existing AMT credits so they can invest in new manufacturing facilities, purchase equipment, and create American jobs. The amendment is cosponsored by U.S. Senators Charles Schumer (D-NY), Mike Crapo (R-ID), James Risch (R-ID), Olympia Snowe (R-ME), Sherrod Brown (D-OH), and Susan Collins (R-ME).
"In this challenging economy, our businesses need immediate access to capital to make new investments here at home and create jobs," said Senator Stabenow. " My amendment will allow U.S. companies to do just that at no cost to American taxpayers."
"This will be a vital tool to help jumpstart our economy and spur job growth without adding to our budget deficit," said Senator Hatch.
The Stabenow-Hatch amendment will allow companies in 2010 to utilize existing tax credits to provide a boost to the economy. In order to be eligible, companies must use the credits to make investments in manufacturing facilities/equipment. The total amount of tax credits that can be utilized will be based on a percentage of new investments.
The Stabenow-Hatch amendment has the support of a diverse coalition of U.S. employers including Delta Airlines, General Motors, American Airlines, Applied Micro Devices, Arch Coal, Associated Builders and Contractors Association, Bosch, Cliffs Natural Resources, CMS Energy, Consul Energy, Daimler, Goodyear, Micron, National Mining Association, Owens Illinois, Peabody Energy, Qwest, T-Mobile, and Xerox. It also has the support of the U.S. Chamber of Commerce, National Association of Manufacturers (NAM) , Association for Manufacturing Technology (AMT) , Association of Equipment Manufacturers (AEM) and Motor & Equipment Manufacturers Association (MEMA)