The Security in Energy and Manufacturing (SEAM) Act, authored by US. Sen. Sherrod Brown (D-OH), would extend the advanced energy manufacturing tax credit (48C credit). To be eligible for the tax credit, manufacturers must produce solar, wind, or geothermal energy equipment; fuel cells, microturbines, or batteries; electric cars; electric grids; energy conservation technologies; or equipment that captures and sequesters carbon dioxide or reduces greenhouse gas emissions.
The SEAM Act is also cosponsored by Senators Debbie Stabenow (D-MI), Maria Cantwell (D-WA), and Bob Casey (D-PA).
The program provides investment tax credits of 30% for facilities that manufacture energy equipment.
We can’t trade a dependence on foreign oil for a dependence on foreign-made sources of energy. It’s unacceptable that 70 percent of clean energy components are made outside of the US. Extending the Advanced Energy Manufacturing Tax Credit will help more American manufacturers create jobs through the production of cutting-edge energy technologies.—Sen. Brown
The Department of Energy (DOE) states that the original program was more than three times oversubscribed. Nationwide, DOE deemed 418 projects eligible, which amounts to $5.8 billion in unfunded eligible applications. These manufacturers are waiting in the pipeline, and would be ready to break ground soon after they receive funding, Brown’s office noted.
Brown has repeatedly called for the expansion of the 48C program.