March 22, 2010
March 22, 2010
Michigan clean energy manufacturers received $242 million in tax credits in January
LANSING - Governor Jennifer M. Granholm today joined 18 other governors in a letter to President Obama supporting his call to expand the Advanced Energy Manufacturing Tax Credit program, also known as the 48C tax credit.
Authorized in the American Recovery and Reinvestment Act, the 48C program provided $242 million in tax credits to Michigan manufacturers of clean-energy technologies in January. President Obama's fiscal year 2011 budget includes a $5 billion expansion of the 48C program.
"We are working to make Michigan a center for clean-energy manufacturing, so it's critical that the federal government continue promoting the domestic manufacture of clean-energy products," Granholm said. "By expanding the 48C program, we will stimulate additional private sector investment in clean-energy technologies and create new jobs in Michigan and across the nation."
The 48C program allows companies investing in eligible clean-energy manufacturing activities to apply for a 30-percent tax credit. More than $2.3 billion was provided for these credits in the Recovery Act, which leveraged $5.4 billion in private sector investment. Some of the Michigan companies receiving the tax credit are Dow Chemical, Hemlock Semiconductor, and Merrill Technologies.
"For too long, America has lagged behind our global competitors for the development, production, and deployment of clean-energy innovations," the governors wrote in their letter to the president. "Expanding the Section 48C Advanced Manufacturing Tax Credit will support new waves of domestic production and innovative new jobs and careers - as well as help re-establish American leadership in clean energy manufacturing."
Expanding the 48C program has been identified as one of the Obama administration's top priorities for promoting job creation and improving the competitiveness of American manufacturers.
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