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BILL INTRODUCED TO EXTEND ENERGY MANUFACTURING TAX CREDIT

Wednesday, April 21, 2010 - 1:00AM

Rep. Phil Hare, D-Ill., last week introduced H.R. 5041, the Security in Energy and Manufacturing (SEAM) Act, legislation to extend and improve the Advanced Energy Manufacturing Tax Credit program. The Advanced Energy Manufacturing Tax Credit was enacted last year by the American Recovery and Reinvestment Act to provide a 30 percent tax credit for the creation of new manufacturing facilities that produce alternative energy components. The SEAM Act would provide an additional $5 billion and allow the departments of Treasury and Energy to issue grants in lieu of tax credits. The bill would also amend the original program to prioritize facilities that manufacture—rather than just assemble—clean energy components.

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