REP. MIKE THOMPSON, WAYS & MEANS DEMOCRATS INTRODUCE AMERICAN ADVANCED ENERGY MANUFACTURING JOBS ACT

Congressman Mike Thompson (CA-1), a senior member of the House Committee on Ways and Means today, with other Ways and Means Democrats announced the introduction of H.R. 6182, the American Advanced Energy Manufacturing Jobs Act of 2012. The legislation provides a 30 percent investment tax credit to businesses that purchase equipment that is used to manufacture components of clean energy projects such as solar panels and wind turbines in the U.S.

"This energy tax credit will help make sure energy products like solar panels and wind turbines are made in America by American workers," said Thompson. "Adding incentives for companies to produce energy products domestically is good for our economy, environment and national security. It will create jobs, reduce our dependence on foreign oil and move us towards energy independence."

"The 48C advanced energy manufacturing tax credit provides a direct incentive to manufacture advanced energy products like solar panels and wind turbines here in the United States and keeps the American renewable energy industry globally competitive," said Ways and Means Ranking Member Sander Levin (D-MI), a co-sponsor of Thompson's legislation.

This bill extends and expands the 48C advanced manufacturing tax credit. It will uncap the credit for certain advanced manufacturing -- solar, fuel cell, battery - and provide a $3 billion capped credit for other manufacturing.

The tax credit program helps increase U.S. clean energy manufacturing projects and expands manufacturing capacity to supply the world with U.S. made parts and equipment. More manufacturing facilities will also support significant growth in exports of US manufactured clean energy products.

Not only have these clean energy tax credits helped increase domestic production of clean energy, but they have supported an expansion of clean energy technologies made in the United States. By some estimates, today 60 percent of the wind turbines in the United States along with component parts that power them (like towers, blades, gears, ball bearings and electrical switches) are made in America, more than doubling the 25 percent in 2005.

The bill has been referred to the House Committee on Ways and Means.

Congressman Mike Thompson is proud to represent California's 1st Congressional District, which includes the Counties of Del Norte, Humboldt, Lake, Mendocino, Sonoma, Napa, and Yolo. He is a senior member of the House Ways and Means Committee and the House Permanent Select Committee on Intelligence. Rep. Thompson is also a member of the fiscally conservative Blue Dog Coalition and sits on the bipartisan, bicameral Congressional Wine Caucus.