Saturday, January 9, 2010
President Obama announced $2.3 billion in tax credits Friday for 183 ventures to build advanced batteries, wind turbines and other "clean energy technology" nationwide, including projects in the Bay Area.
The tax credits, which are funded by the $787 billion economic stimulus package enacted in February, are designed to defray up to 30 percent of the cost of new investments in manufacturing facilities to produce clean energy products.
"Building a robust clean energy sector is how we will create the jobs of the future - jobs that pay well and can't be outsourced," Obama said. "This initiative will give a much-needed boost to our manufacturing sector by building new plants or upgrading old ones."
The tax credits announcement dovetails with attempts by congressional Democrats to shift attention to the economy and focus on a multibillion-dollar job-creation package.
Environmentalists joined Democrats on Capitol Hill in cheering the announcements as much-needed assistance for the struggling manufacturing sector.
"Millions of new, clean energy jobs will be created over the next decade," said Rep. Edward Markey, D-Mass. "The question is, will they be created in China or Germany, or will we create them here in America?"
Sen. Jeff Bingaman, D-N.M., said the tax credits will help make the United States "a more attractive location for manufacturers of solar, wind and other green technologies."
But Rep. Doc Hastings, R-Wash., questioned whether too much emphasis was being given green jobs.
"Our nation should pursue green energy jobs, but we also need to be creating jobs in every energy sector," Hastings said.
Companies filed more than 500 applications for at least $8 billion in the tax credits. The winners were selected after reviews by the Energy Department and the Internal Revenue Service.
Obama said the tax credits - which can be claimed for projects completed after Feb. 16, 2009, and commissioned before Feb. 15, 2013 - will leverage as much as $5.4 billion in private investments and lead to the creation of more than 17,000 jobs.
Nine solar and battery projects qualified in California, with the largest credit of $91.35 million going to Santa Clara-based MiaSolé for plans to manufacture solar cells using thin-film production technology. The company also can claim up to $10.45 million for a similar project.
CaliSolar in Sunnyvale qualified for a credit of up to $51.6 million to build a new manufacturing facility that aims to transform silicon materials into finished solar cells.
San Jose's Nanosolar and Stion Corp. also qualified for multimillion-dollar credits.
E-mail Jennifer Dlhouy at jdlouhy@hearstdc.com.
Source: http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2010/01/08/BUB81BFM49.DTL
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