Obama proposes $5 billion in clean-energy tax credits...
Read more …Obama proposes $5 billion in clean-energy tax credits
By Kirsten Korosec | January 25, 2012, 1:28 PM PST
The White House released today more details on the six new tax breaks for manufacturing that President Obama mentioned in his State of the Union address, including $5 billion in credits for clean energy manufacturers.
The Obama Administration, which will include the tax breaks in the 2013 budget set to be released next month, is already pushing Congress to act immediately on the provisions. The intent of the tax breaks is to encourage companies to keep jobs in the U.S. The White House also claims the package as a whole wouldn’t add to the deficit.
The clean-energy tax break Obama proposed isn’t new. The incentive, known as the Advanced Energy Manufacturing Tax Credit, was one of numerous Recovery Act-era investments aimed at creating jobs and pulling the country out of a recession. The popular and oversubscribed tax credit program has already awarded $2.3 billion in tax credits across 183 projects in the United States.
Obama’s most recent proposal would extend the tax credit and provide an additional $5 billion. The White House says the $5 billion tax credit will drive nearly $20 billion in domestic clean energy manufacturing.
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