30% Invetment Tax Credit to Manufacturers of Micro Turbines, Fuel Cells, bi Fuel Refineries
Signing the American Recovery and Reinvestment Act of 2009, President Barack Obama has included a new tax credit to encourage investment in efficient energy production equipment manufacturing facilities. A new 30% investment tax credit is available for projects that establish, re-equip or expand manufacturing facilities for fuel cells, micro-turbines, renewable fuel refineries and blending facilities, energy saving technologies, smart grid technologies and solar, wind and geothermal technologies. In addition, as part of the Act, close to $17 billion of funding for the Department of Energy (DoE) Office of Energy Efficiency and Renewable Energy (EERE). The funding is a nearly tenfold increase for EERE, which is expected to use the bulk of the new funding in direct grants and rebates, although $2.5 billion will support its applied research, development and deployment activities, including $800 million for biomass. A further $400 million will support the establishment of an agency to suppo...