Sen. Sherrod Brown, D-Ohio, has introduced legislation designed to expand and improve the Advanced Energy Manufacturing Tax Credit (48C) program. The Security in Energy and Manufacturing (SEAM) Act, co-sponsored by Sens. Charles E. Schumer, D-N.Y.; Jeff Merkley, D-Ore.; Robert P. Casey, D-Pa.; and Kay Hagan, D-N.C., would promote more domestic manufacturing of clean energy technology.
The Advanced Energy Manufacturing Tax Credit was authorized in Section 1302 of the American Recovery and Reinvestment Act. It provides a 30% credit for domestic companies for investments in new, expanded or re-equipped clean energy manufacturing projects.
The SEAM Act would extend the program and allow for grants in lieu of tax credits. This would enable the program to reach additional companies that would otherwise be unable to utilize the program according to Brown.
The bill also adjusts the selection criteria to give higher priority to facilities that manufacture – rather than assemble – goods and components in the U.S.
SOURCE: Office of Sen. Sherrod Brown