Bingaman wants to double green energy tax credit in planned employment bill

Senate Energy and Natural Resources Committee Chairman Jeff Bingaman (D-N.M.) is pressing leadership to use the planned jobs bill to double a popular new tax credit for domestic manufacturing of green energy equipment.

The recent stimulus law created a credit for investments in manufacturing of components for wind power, solar and many other “advanced” energy technologies.

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But applications for the 30 percent investment tax credit have already outstripped the $2.3 billion cap in the stimulus law. Bingaman said an additional $2.5 billion of credits should be included in new legislation.

“I have made that suggestion to leadership as one of the things we ought to consider as part of a jobs bill,” Bingaman told The Hill on Thursday. He said there should be another $2.5 billion worth of credits. Bingaman also heads a Finance Committee panel on energy and infrastructure.

Bingaman, while pressing to use the jobs bill as the vehicle, said lawmakers should look at other bills if needed. “Wherever we can do it in the remainder of this Congress,” he said.

Several senators and House members are also pushing a plan that would provide new investment tax credits for manufacturing solar equipment specifically.