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Stabenow introduces energy tax credit

Legislation has been introduced in the U.S. Senate which would provide a tax credit to automotive and energy manufacturers transitioning to greener technologies.

Sponsor Debbie Stabenow of Michigan tells Brownfield it could also apply to biofuel advancements.

“If it’s biofuels, if it’s ethanol, if it meets the clean energy provisions in terms of jobs and investments, it’s certainly something that could qualify,” she says.

The American Jobs in Energy Manufacturing Act, co-sponsored by Democratic Senator Joe Manchin of West Virginia, would allocate $8 billion for a 30 percent tax credit to manufacturers that retool, expand or build new facilities for parts and technologies needed to reduce carbon emissions.

Renewable Fuels Association President and CEO Geoff Cooper tells Brownfield companies that make flex-fuel vehicles and manufacturers of engines that are optimized for high-octane mid-level ethanol blends should qualify for the tax credit and they plan to work with her to ensure incentives are fairly and equitably applied.

Stabenow says the bill builds on the 48C Advanced Energy Manufacturing Tax Credit she introduced in 2009 following the recession which also supported solar, wind, and other renewable energy equipment investments as well as equipment for refining or blending renewable fuels.