New Tax Credit Could Help Boost U.S. Manufacturing and Construction Jobs

Manufacturing companies throughout the United States, including glass and fenestration manufacturers, are facing many challenges and today the Obama Administration released the report, "A Framework for Revitalizing American Manufacturing." The report lays out a number of opportunities, including a focus on renewable energy, which may help boost both American manufacturing, as well as construction work. The report states, "The Administration's combination of loans, grants, and tax credits for renewable energy manufacturing will help the United States regain its position as the world leader in manufacturing clean energy equipment."

One detail included as part of this program is the 48C Advanced Energy Manufacturing Tax Credit, which Vice President Biden was to announce this afternoon at a meeting of the Middle Class Task Force. According to the report, Section 48C Advanced Energy Manufacturing Tax Credit "supports the building and equipping of new, expanded or retooled factories that manufacture the products needed to power the green economy. The program covers a wide array of clean energy technologies, including renewable energy, energy efficiency, advanced transportation, and advanced transmission. The Recovery Act included $2.3 billion in tax credits that will support over $7.5 billion in total capital investment … The [Department of Energy] and Treasury received significantly more technically acceptable applications than the program had resources to fund." The report explains that rather than turning down those applicants who are willing to invest private resources to build and equip factories that manufacture clean energy products in America, the Administration today announced its support for expanding the program by up to $5 billion.

In related news, President Obama yesterday hosted Simonton Windows® president Mark Savan and a small group of business leaders at the White House to discuss home energy efficiency issues and plans for the future. Held in the President's private dining room, the group of invited business leaders included Savan; Frank Blake, chief executive officer of Home Depot; Andrew Liveris, chief executive officer of Dow; and Steve Cowell, chairman and chief executive officer of Conservation Services Group. White House chief of staff Rahm Emanuel and Valerie B. Jarrett, senior advisor to the President, also participated in the discussions.

"This was an exceptional opportunity to have a productive interaction with the President on the need for more energy-efficient products and homes in America," says Savan. "President Obama is clearly dedicated to the goal of energy-efficiency in America. He was eager to discuss programs and procedures that would help Americans make their homes more energy efficient."

Savan adds, "Additionally, we talked about the challenge of adding potential incentives that would rally homeowners to adopt energy-saving technologies and products. I was sincerely impressed by the President's eagerness to gain a greater understanding of the issues related to energy from the people gathered in the room. From all indications, he will use yesterday's meeting to support strong initiatives to make homes and buildings more energy-efficient in the future."