Stabenow Introduces Bill to Create 30% Credit for Retooling or Building Facilities to Produce Advanced Energy Parts or Technology
Sen. Debbie Stabenow, D-Michigan, introduced legislation this week to provide a 30% tax credit for manufacturers to retool or build new facilities to produce advanced energy parts or technology. According to a press release by Stabenow’s office, the American Jobs in Energy Manufacturing Act would provide the tax credit to companies that make batteries, electric and fuel cell vehicles, semiconductor chips, components to produce renewable energy and more. Half of the funding would go to projects in communities where coal mines or coal plants have been closed and the communities did not receive the Section 48C advanced energy manufacturing tax credit, part of the American Recovery and Reinvestment Act in 2009. The text of the bill was not immediately available.
The use of federal financing will be a topic at the Novogradac 2021 Spring Renewable Energy and Environmental Tax Credits Virtual Conference, May 20-21.