WHITE HOUSE PROPOSES $5 BILLION MORE FOR SECTION 48C
Vice President Joseph Biden today introduced a proposal to revitalizing manufacturing that includes an expansion of the Section 48C renewable energy manufacturing tax credit. The Section 48C Advanced Energy Manufacturing Tax Credit was created by the Recovery Act to support the building and equipping of new, expanded or retooled factories that manufacture the products needed to power the green economy. The Recovery Act included $2.3 billion in tax credits that are expected to support more than $7.5 billion in total capital investment. The program has been greatly oversubscribed and in today’s proposal the Administration announced its support for expanding the program by up to $5 billion.