|
(Washington D.C.)- Ways and Means Committee Chairman Sander Levin (D-MI) today released draft legislative text of the Domestic Manufacturing and Energy Jobs Act of 2010. The draft legislation would make a significant investment in domestic manufacturing to create jobs and see to it that the clean energy technologies of the future are made here in the United States. The bill would also provide long-term certainty that the United States will continue to support renewable energy and energy efficiency, and will encourage manufacturers to build facilities in the United States.
“As the world moves toward renewable energy and a greener economy, it is necessary to accelerate a new era of American manufacturing and innovation,” said Ways and Means Committee Chairman Sander M. Levin (D-MI). “With the U.S. government as a full, active and effective partner, the private sector can expand our green manufacturing capacity, ensuring that these jobs and products will be created in the U.S., competing globally and protecting our environment. The governments of other countries are racing ahead to dominate in this area.
“This is why the draft I am releasing today provides vital tax incentives to modernize U.S. manufacturing facilities and encourage demand of renewable energy and energy efficient products. We must not let this opportunity pass us by. I will continue to work with my colleagues in the House and Senate, as well the Administration, to enact legislation.
Highlights of the Domestic Manufacturing and Energy Jobs Act of 2010:
• Includes $6.5 billion investment tax credits for taxpayers that re-equip, expand or establish domestic manufacturing facilities that produce advanced energy equipment. These tax credits will encourage more than $22 billion of investment in domestic manufacturing facilities and will build upon the $2.3 billion of investment tax credits that were provided in the Recovery Act.
• Encourages domestic demand for renewable energy equipment and energy efficient equipment by (1) continuing successful programs such as the direct payment in lieu of tax credits program (aka “Section 1603” program); (2) providing a long-term extension of the placed in service date for offshore wind and geothermal facilities; and (3) providing State and local governments with financing tools to encourage energy-efficiency and renewable energy on residential property.
• Provides tax incentives for renewable fuel production and technologies to decrease U.S. dependence on foreign oil. In particular, tax incentives for large natural gas and electric/hybrid vehicles to transition the country’s diesel fleet to cleaner domestic sources of fuel. Additionally, the draft would continue tax incentives for domestically produced biofuels such as ethanol and biodiesel.
Click here for additional information, including draft legislative text, summary and estimated revenue effects.
(####)
|
