U.S. Sen. Sherrod Brown seeks more money for Advanced Manufacturing Tax Credits
Crain’s Cleveland Business – U.S. Sen. Sherrod Brown wants the federal government to shell out more money for its Advanced Manufacturing Tax Credits, also known as the 48C program.
The Democratic senator from Avon today introduced legislation that would expand financing for the program with an additional $5 billion in tax credits and possibly grants for companies investing in wind, solar and other advanced energy technologies.
American industry needs the incentive and assistance to help it gear up to better compete with China and other nations that already are pulling ahead in the race to produce the world's solar panels, wind turbines and other equipment, Sen. Brown said in a conference call from Washington, D.C.
“Some 70% of the components of clean energy systems are made outside of the U.S. So, if we don't act, we'll replace our dependence on foreign oil with dependence on foreign solar and foreign wind power” equipment, Sen. Brown said.
