Federal Tax Credit Program Will Increase Economic Development, Promote Manufacturing of Clean Energy Equipment...
U.S. Department of Energy Announces More Than $2 Billion in Recovery Act Tax Credits for Energy Manufacturers
August 13, 2009, the U.S. Department of Energy and U.S. Department of the Treasury announced a program to award $2.3 billion in tax credits for manufacturers of advanced energy equipment. Authorized by the American Recovery and Reinvestment Act, this new program will provide tax credits to manufacturers who produce clean energy equipment.
The Recovery Act created a new tax credit program by authorizing the Treasury to provide developers with an investment tax credit of 30 percent for facilities that manufacture particular types of energy equipment.
Qualifying manufacturers will produce solar, wind, and geothermal energy equipment; fuel cells, microturbines, and batteries; electric cars; electric grids to support the transmission of renewable energy; energy conservation technologies; and equipment that captures and sequesters carbon dioxide or reduces greenhouse gas emissions.
The manufacturing tax credit is capped at $2.3 billion, and credits are available for two years or until the cap is reached. Companies can expect to receive payments within 180 days of filing for the credit. To view the program summary and guidance for applying for the tax credit, please visit http://www.energy.gov/recovery/48C.htm.
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