Recovery Act Tax Credits for Energy Manufacturers Announced

The U.S. Department of Treasury and the U.S. Department of Energy have formed an innovative partnership through which they will grant $2.3 billion in tax credits for manufacturers of advanced energy equipment. The program is intended to both increase economic development and set the country on a path towards energy independence.

The Department of Treasury will grant a 30% investment tax credit for facilities that manufacture particular types of energy equipment. Some projects which will qualify manufacturers for a tax credit include the production of solar, wind, and geothermal energy equipment, fuel cells, microturbines, and batteries, electric cars, electric grids to support the transmission of renewable energy, energy conservation technologies, and equipment that captures and sequesters carbon dioxide or reduces greenhouse gas emissions. Credits are available for two years or until the $2.3 billion cap is reached. For more information, see http://apps1.eere.energy.gov/news/progress_alerts.cfm/pa_id=224.