New Tax Credit Could Help Boost U.S. Manufacturing
and Construction Jobs
December 16, 2009
Manufacturing companies throughout the United States, including
glass and fenestration manufacturers, are facing many challenges
and today the Obama Administration released the report, "A
Framework for Revitalizing American Manufacturing." The report
lays out a number of opportunities, including a focus on renewable
energy, which may help boost both American manufacturing, as well
as construction work. The report states, "The Administration's
combination of loans, grants, and tax credits for renewable energy
manufacturing will help the United States regain its position as
the world leader in manufacturing clean energy equipment."
One detail included as part of this program is the 48C Advanced
Energy Manufacturing Tax Credit, which Vice President Biden was
to announce this afternoon at a meeting of the Middle Class Task
Force. According to the report, Section 48C Advanced Energy Manufacturing
Tax Credit "supports the building and equipping of new, expanded
or retooled factories that manufacture the products needed to power
the green economy. The program covers a wide array of clean energy
technologies, including renewable energy, energy efficiency, advanced
transportation, and advanced transmission. The Recovery Act included
$2.3 billion in tax credits that will support over $7.5 billion
in total capital investment
The [Department of Energy] and
Treasury received significantly more technically acceptable applications
than the program had resources to fund." The report explains
that rather than turning down those applicants who are willing to
invest private resources to build and equip factories that manufacture
clean energy products in America, the Administration today announced
its support for expanding the program by up to $5 billion.
In related news, President Obama yesterday hosted Simonton Windows®
president Mark Savan and a small group of business leaders at the
White House to discuss home energy efficiency issues and plans for
the future. Held in the President's private dining room, the group
of invited business leaders included Savan; Frank Blake, chief executive
officer of Home Depot; Andrew Liveris, chief executive officer of
Dow; and Steve Cowell, chairman and chief executive officer of Conservation
Services Group. White House chief of staff Rahm Emanuel and Valerie
B. Jarrett, senior advisor to the President, also participated in
"This was an exceptional opportunity to have a productive interaction
with the President on the need for more energy-efficient products
and homes in America," says Savan. "President Obama is
clearly dedicated to the goal of energy-efficiency in America. He
was eager to discuss programs and procedures that would help Americans
make their homes more energy efficient."
Savan adds, "Additionally, we talked about the challenge of
adding potential incentives that would rally homeowners to adopt
energy-saving technologies and products. I was sincerely impressed
by the President's eagerness to gain a greater understanding of
the issues related to energy from the people gathered in the room.
From all indications, he will use yesterday's meeting to support
strong initiatives to make homes and buildings more energy-efficient
in the future."
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