US advanced energy manufacturing tax credit proposal

Country / jurisdiction: United States · Year: 2021 · Status: In force · Level: National · Type: Voluntary

US Senators Joe Manchin (D-WV), Debbie Stabenow (D-MI) and Steve Daines (R-MT) in March 2021 introduced the American Jobs in Energy Manufacturing Act of 2021 to incentivise local manufacturing of advanced energy technologies, with a focus on rural communities that have seen reduced economic activity from a slowdown in manufacturing activity and traditional energy sectors. The bill proposes to offer 48C Advanced Energy Manufacturing Tax Credits to energy manufacturers that reinvest in rural areas negatively impacted by sectoral decline. The tax credit, if passed, is designed to stimulate local investments in communities impacted by the energy transition, create local jobs and build local supply chains. A previous version of the 48C tax credit (30% investment tax credit) was included in the American Recovery and Reinvestment Act of 2009 for clean energy technology facilities, and triggered the construction of an estimated 130 manufacturing facilities across 43 states.

Official source: https://www.manchin.senate.gov/newsroom/press-releases/manchin-stabenow-unveil-bill-to-incentivize-domestic-manufacturing-and-reinvestment-in-rural-america