BIOBASED PRODUCTS BLOG

American Jobs And Manufacturing Act Of 2021 Would Provide Tax Credits For Domestic Manufacturers
Posted on March 05, 2021 by Lynn L Bergeson

By Lynn L. Bergeson and Ligia Duarte Botelho, M.A.

On March 1, 2021, U.S. Senators Joe Manchin (D-WV) and Debbie Stabenow (D-MI) announced the American Jobs in Energy Manufacturing Act of 2021 (Act), which would incentivize domestic manufacturing of energy technologies by providing tax credits for domestic manufacturers in rural areas. The Act encourages the transition to cleaner energy by driving reinvestment into communities that have been most impacted by economic downturn. “This bill will help revitalize these areas by making smart changes to the 48C Advanced Energy Manufacturing Tax Credit to drive investment in these communities, strengthen domestic supply chains, create additional clean energy manufacturing jobs, and aid the nation’s recovery,” stated Senator Manchin. Senator Stabenow urged the Senate to pass the Act, stating that the transition to a clean energy economy would significantly contribute to the fight against climate change. The Act has been endorsed by several non-profit organizations and industry stakeholders.

Significant measures would be taken under the Act, including:

  • Investment of $8 billion in American manufacturing and industry to serve as a tool to expand or build new facilities that make or recycle energy-related products; and
     
  • Provision of assistance to applicants through new guidelines and technical assistance that promote reinvestment and job creation.

The full bill can be accessed here.

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