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DRAFT OF DOMESTIC MANUFACTURING AND ENERGY JOBS ACT OF 2010 RELEASED

Monday, July 26, 2010 - 1:45AM

Ways and Means Committee Chairman Rep. Sander Levin, D-Mich., released the draft legislative text of the Domestic Manufacturing and Energy Jobs Act of 2010 today. The Act includes legislation that would expand the Section 48C advanced manufacturing tax credit to provide an investment tax credit for expenditures to re-equip, expand or modify facilities that manufacture and fabricate solar energy property, fuel cell power plants, and advanced energy storage systems and increase the allocation cap for other facilities by $3 billion. It would also extend the Section 1603 direct payment in lieu of production tax credit and investment tax credit program through 2012; create a program to award $2 billion of investment tax credits to support taxpayer efforts to improve domestic energy efficiency and identify new sources of renewable energy; and expand and extend several renewable energy bond programs.

Michael Novogradac will discuss the bill in more detail in an upcoming Tax Credit Tuesday podcast. In the meantime, check out a summary of the legislative text and the estimated revenue effects at Novogradac & Company LLP’s Renewable Energy Tax Credit Resource Center.

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