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US Sen. Brown introduces legislation to extend advanced energy manufacturing tax credit

25 January 2012

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.

January 25, 2012 in Brief | Permalink | Comments (8) | TrackBack (0)

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Comments

A very good idea that could be coupled with a corresponding increase in fossil fuel tax to get a double positive impact on the USA economy.

We lost our advantages in solar and wind to other countries. It looks like the much touted private sector has let numerous industries become dominated by others while they invest in hedge funds.

These are some very complicated classifications. Why not just apply some good old import duties? Some of our most favored nations are eating us for dinner...

Because import duties would take away your moral high ground in trade talks.

Tax regulations could be improved to increase/regain USA's manufacturing competitiveness.

There are 1001 ways to do it but one way to lower labor cost would be with a modified tax system.

1. Make the first $50K earned or so income tax free, freeze and/or lower factory wages (and others) to become more competitive.
2. Apply progressive income tax rates up to 40% to ALL other revenues. That would bring in $2+T/year, from people with very high revenues, currently getting off with low 15% rate.
3. Apply new progressive fossil liquid fuel tax (on crude oil) equivalent to $0.05/gal/month for gasoline and diesel fuel sold in USA.
4. Applied a selective (prescribed drugs, regular food, school items excepted) 5% goods and services Fed Sales tax and 10% on junk food, prepared foods, restaurants, hotels, beer, wine, drinks, gas guzzlers and luxury items.
5. Increase electrified (HEVs, PHEVs and BEVs) vehicle subsidies equivalent to the full cost of on-board locally produced batteries with a max of $20K per vehicle.

Import duties cause trade wars and China hold $1 trillion of our treasury bonds. If China decides to sell those bonds at a discount on the open market, we will not be able to refinance the debt that comes due every day.

Lowering labor costs is pointless if the labor does not have the skills and knowledge to produce in today's factories. Put more money into training/retraining first.

You need no skilled labor to make an iPhone in China, the process is so automated it only takes a bit of labor for each one, but they want to make millions so it takes lots of people.

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