As we try
to shift from non-renewable resource consumption to more sustainable clean
energy practices, tax credits and financial rewards will provide the most
incentive. Manufacturing clean energy benefits the environment, and can benefit
American companies that take the initiative to explore clean energy. According
to the Association of Corporate Counsel tax credits are being made available to
alternative energy manufacturing facilities. The American Recovery and
Reinvestment Act of 2009 established a tax credit for manufacturing facilities
that invest in clean energy technologies, which provided a 30 percent
investment tax credit to 183 domestic clean energy facilities. Originally the
tax credited an estimated 2.3 billion dollars to qualifying manufacturers. As
of February 15 The IRS released $150 million in remaining tax credits. The
extra incentive tax credits were made available from previous awards that went
unclaimed. Manufacturing facilities that qualify include solar, wind,
geothermal or other renewable energy equipment, electric grids and storage for
renewable energy; fuel cells and micro turbines, energy storage systems for
electric or hybrid vehicles, equipment for blending renewable fuels, and carbon
dioxide capture among other initiatives that will reduce green house emissions
as determined by the Secretary of the Treasury.
Other
benefits of the reinvestment act include lower costs of energy, reduced air
pollutants/emission of greenhouse gases. The job market will benefit as well. Job creation will be direct and indirect;
there will be potential for technological innovation and commercial deployment.
As the clean energy industry grows it will require engineers to design projects
and employees to complete the projects. Encouraging clean energy will stimulate
the economy. The application process for these tax credits ends on July 23,
2103 and includes a concept paper that must be sent to the Department of
Energy. Qualifying applicants will know as soon as November 15, 2013 the amount
they will be rewarded.
Caroline Schenck
SOC202 blog
Submitted February 22, 2013 10:23 a.m.
No comments:
Post a Comment