Administration Expands Clean Energy Tax Credit
Vice President Joe Biden announced Wednesday a proposal for $5 billion in new tax credits to bolster both the American manufacturing and clean energy industries.
Speaking at a Middle Class Task Force meeting, Biden said that the energy tax credits that were included in the Recovery Act earlier this year was an “overwhelming success.” The $5 billion increase would more than triple the funding of the Recovery Act’s energy manufacturing tax credit. The money would come from $200 billion in savings from the bank bailout fund and must be approved by Congress.
In a conference call with reporters, a senior administration official said that the administration estimates that the increase will support at least $15 billion in total capital investment, which could create tens of thousands of new jobs. The 30% tax credit can be used for the building and equipping of new, expanded or retooled factories that manufacture a wide range of clean energy technologies, including wind, solar, and batteries.
Information on how to apply for the credit can be found here on the Department of Energy Website.