Stabenow Introduces Measure To Restore Tax Credits for Renewable Energy.
From 2012 – Senator Debbie Stabenow D-Michigan has introduced a measure to support her policy of ” Grow it Here, Make it Here” to advance Michigan’s bio-based manufacturing industry. The Senator is the author of the original 48C Advanced Energy Manufacturing Tax Credit, which expired in 2010. This was a 30 percent tax credit for companies that re-equip or build new facilities for clean energy product manufacturing. Her efforts are to restore that tax credit.
It also extends the Production Tax Credit for wind energy, which supports businesses and utilities that produce electricity from wind. In the U.S., there are more than a half a million jobs related to wind energy. In Michigan, there are 31 facilities manufacturing components for the wind energy industry and six more in the works. The PTC was set to expire at the end of 2012.
Stabenows ammendment would also extend the $1 per gallon biodiesel tax incentive. Biodiesel is produced in nearly every state in the country and last year supported more than 39,000 jobs and $3.8 billion in GDP, according to a recent study conducted by Cardno ENTRIX.
Senator Stabenow’s measure has been endorsed by the U.S. Chamber of Commerce.