In an effort to stimulate green jobs creation, the Obama administration has proposed a $5 billion expansion of tax-credits for cleantech manufacturers.
Vice President Joe Biden made the announcement yesterday. The additional funding would build on $2.3 billion originally allocated in the $787 billion economic stimulus package approved by Congress early in 2009. That funding has all been allocated, according to some reports.
The program provides a 30% tax credit for investments in factories that manufacture technologies such as wind turbines, solar panels, batteries, energy efficiency products, advanced transportation, and advanced energy transmission equipment.
Senior Obama administration officials said they believe the $5 billion could generate $15 billion or more in private investment while creating thousands of new jobs.
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