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Obama seeks increased energy tax credits
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12/08/09 12:49 PM ET
President Obama said Tuesday that upcoming jobs legislation should expand a major program in the recent stimulus law that offers tax credits for manufacturing alternative energy components in the U.S.
The stimulus created a 30 percent tax credit for investments in new or expanded projects to make wind turbines, solar panels and other “advanced” energy equipment. But the program is capped at $2.3 billion, and applications already exceed that level.
Senate Energy and Natural Resources Committee Chairman Jeff Bingaman (D-N.M.) recently called for an additional $2.5 billion worth of energy manufacturing credits.
The credit is one of several energy programs in the stimulus that has seen applications far outstrip available funding.
“I’m proposing that we expand select Recovery Act initiatives to promote energy efficiency and clean energy jobs which have been proven to be particularly popular and effective,” Obama said in a speech on job creation.
“It’s a positive sign that many of these programs drew so many applicants for funding that a lot of strong proposals – proposals that will leverage private capital and create jobs quickly – did not make the cut,” he added in calling for additional money.
Obama also wants Congress to create a new program that provides rebates for consumers who retrofit their homes to be more energy efficient.
The stimulus created a 30 percent tax credit for investments in new or expanded projects to make wind turbines, solar panels and other “advanced” energy equipment. But the program is capped at $2.3 billion, and applications already exceed that level.
Senate Energy and Natural Resources Committee Chairman Jeff Bingaman (D-N.M.) recently called for an additional $2.5 billion worth of energy manufacturing credits.
The credit is one of several energy programs in the stimulus that has seen applications far outstrip available funding.
“I’m proposing that we expand select Recovery Act initiatives to promote energy efficiency and clean energy jobs which have been proven to be particularly popular and effective,” Obama said in a speech on job creation.
“It’s a positive sign that many of these programs drew so many applicants for funding that a lot of strong proposals – proposals that will leverage private capital and create jobs quickly – did not make the cut,” he added in calling for additional money.
Obama also wants Congress to create a new program that provides rebates for consumers who retrofit their homes to be more energy efficient.
