Stabenow Measure Will Cut Taxes for Clean Energy Businesses, Job Creators
Measure Would Prevent Tax Increase on Clean Energy Innovators, Reduce American Dependence on Foreign Oil
U.S. Senator Debbie Stabenow today introduced a measure to boost clean energy jobs in America. Senator Stabenow's measure prevents a tax increase on American entrepreneurs and innovators that are making cutting-edge products, creating jobs, and reducing America's dependence on foreign oil. Senator Stabenow's measure has been endorsed by the U.S. Chamber of Commerce.
"We cannot allow a tax increase on American businesses that are creating clean energy jobs in America," said Senator Stabenow. "These entrepreneurs are inventing new technology, hiring workers, and producing cutting-edge new products that save consumers money and reduce our dependence on foreign oil. Especially when gas prices are rising, we shouldn't be raising taxes on innovators and job creators who are helping to lower America's energy bills."
As Co-Chair of the bipartisan Senate Manufacturing Caucus, Senator Stabenow has long-championed efforts to support clean energy businesses that are hiring new workers and making investments in America. Senator Stabenow is the author of the original "Advanced Energy Manufacturing Tax Credit," a 30 percent tax credit for companies that re-equip or build new facilities for clean energy product manufacturing. The amendment that Senator Stabenow introduced today would renew this measure, which expired in 2010.
Senator Stabenow also wrote the Battery Innovation Act, the first comprehensive plan to help Michigan companies expand advanced battery production and job growth. As Chairwoman of the Senate Agriculture Committee, Senator Stabenow authored her Grow it Here, Make it Here Initiative to spur bio-based manufacturing, an industry poised to grow and create jobs in Michigan while reducing America's dependence on foreign oil. There are currently 2.7 million Americans whose jobs depend on the clean energy economy, a number Senator Stabenow's proposals would help to grow.
Background on Senator Stabenow's Measure:
The measure extends Senator Stabenow's 48C Advanced Energy Manufacturing Tax Credit, which expired in 2010. This is a 30 percent tax credit for companies that expand, re-equip, or build new factories in the United States to produce clean energy technology to help clean energy companies invest and create jobs in America.
The measure extends the tax credit for companies that produce energy-efficient appliances, grants in lieu of tax credits, tax credits for companies that install charging stations for electric vehicles, tax credits for companies producing the next-generation of cellulosic biofuels, and others.
It also extends the Production Tax Credit for wind energy, which supports businesses and utilities that produce electricity from wind. In the U.S., there are more than a half a million jobs related to wind energy. In Michigan, there are 31 facilities manufacturing components for the wind energy industry and six more in the works.