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SENATORS INTRODUCE SEAM ACT TO EXPAND 48C TAX CREDITS

Friday, May 7, 2010 - 5:45AM

Sens. Sherrod Brown, D-Ohio, Charles Schumer, D-N.Y., Jeff Merkley, D-Ore., Robert Casey, D-Pa., and Kay Hagan, D-N.C., yesterday introduced legislation to expand and improve the Advanced Energy Manufacturing Tax Credit (48C) program. S. 3324, the Security in Energy and Manufacturing (SEAM) Act, is the companion bill to H.R. 5041, which was introduced in the House by Rep. Phil Hare, D-Ill., on April 15. The SEAM Act would provide an additional $5 billion for the Advanced Energy Manufacturing Tax Credit program, which provides a 30 percent tax credit for the creation of new manufacturing facilities that produce alternative energy components. The bill would also amend the original program to prioritize facilities that manufacture—rather than just assemble—clean energy components.

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