Senator Debbie Stabenow this week introduced a new bill to boost manufacturing by providing a tax credit to manufacturers who retool or build facilities to produced clean energy parts. The Michigan Democrat, who also chairs the Senate Agriculture Committee, introduced the American Jobs in Energy Manufacturing Act. The legislation would provide a 30 percent tax credit to manufactures to create jobs that draw on existing skilled workforces and reinvest in communities experiencing high unemployment.
Stabenow says, “Transitioning to a clean energy economy creates significant opportunities.” The bill is part of Stabenow’s American Jobs Agenda. The legislation would, according to Stabenow, Strengthen American manufacturing by providing $8 billion for a tax credit to manufacturers that retool, expand or build new facilities that make parts and technologies needed to reduce carbon emissions. Companies eligible to apply for the tax incentive include those making batteries, electric and fuel cell vehicles, semiconductor chips, components to produce renewable energy, carbon capture and others.