Yesterday, Congressman John Yarmuth (KY-3) introduced new legislation that will encourage the growth of the domestic manufacturing sector and help create new American jobs. Extending and expanding tax credits available to manufacturers of energy efficient products, the Revitalizing American Manufacturing Act will help decrease domestic production costs, incentivizing private sector employers to build their products within the United States - and not overseas.
"We appreciate Congressman Yarmuth's work to extend the tax credits, which have helped us increase employment at our Louisville Appliance Park factories and also drive increased efficiency in the nation's fleet of appliances," said Jim Campbell, President and CEO of GE Appliances and Lighting. "Maintaining these benefits will allow us to continue to in-source new products and add even more jobs."
Thanks in part to incentives available from the American Recovery and Reinvestment Act and the availability of these manufacturers' tax credits, GE recently announced it would move more than 800 jobs back to Appliance Park -- including 400 coming from China to manufacture an energy-efficient water heater. By expanding and extending these credits, Congressman Yarmuth's new legislation is expected to save 46,000 American manufacturing jobs and help create many more jobs.
Jerry Carney, President of IUE -CWA Local 76 1 , which represents the 2,000 production and maintenance workers at Appliance Park, said, "We have moved from seeing jobs leave this factory to now seeing them return as new products are being brought into the Park. Not only do our members have more secure jobs, but so do many other employees in the region who work for our suppliers and vendors. These tax credits have been an important part of that trend. Congressman Yarmuth deserves a lot of credit for helping build that momentum with his legislation."
The legislation is the product of collaboration between Congressman Yarmuth, GE, representatives from the appliance industry, and environmental and energy efficiency advocates. In addition to the positive impact on the American economy, the bill is expected to significantly increase energy efficiency by deploying smart appliances nationwide. The expanded use of energy efficient appliances is expected to save more than 7.7 quads of energy -- the equivalent of more than 60 billion gallons of gasoline, 277 million tons of coal, or 7 trillion cubic feet of natural gas.
"These tax credits are revitalizing the American manufacturing sector and have helped create 800 new jobs at Appliance Park," said Congressman Yarmuth. "I am eager to work with my colleagues to expand these credits so that American businesses can continue to expand, create jobs and drive our national economic recovery."
Without the extension, the tax credits are scheduled to expire at the end of this year. Congressman Yarmuth's legislation would extend the credits for three years and modify them to increase efficiency standards.