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Sen. Brown wants energy tax credit program expanded to $5 billion

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By Steve Bennish , Staff Writer 11:03 PM Monday, February 8, 2010

U.S. Sen. Sherrod Brown and executives from seven Ohio companies Monday, Feb. 8, announced they are pursuing a new initiative to use tax credits to help firms that add jobs in the renewable energy industry.

To date, Ohio companies have received $125 million in federal tax credits through the Advanced Energy Manufacturing Tax Credits, including $900,000 to AccuTemp of Dayton to expand production.

Brown said the plan “is aimed at creating more clean energy jobs in Ohio and preventing funds from being used to create jobs overseas.”

Brown said the tax credit program should expand to $5 billion nationwide. He said he’s working with U.S. Energy Secretary Steven Chu and Treasury Secretary Tim Geithner “to maximize domestic job creation.”

Brown said Ohio ranks first in the country for clean energy jobs created through the Recovery Act and ranks fourth in the nation for potential job creation through the clean energy industry.

Within the last three years, Ohio has attracted more than $74 million in clean energy venture capital, Brown said.

Brown is also pursuing the Investments for Manufacturing Progress and Clean Technology Act, which would establish a $30 billion “Manufacturing Revolving Loan Fund” to help small-and mid-sized manufacturers transition to the clean energy economy through retooling.

He said the bill would generate more than $100 billion in revenue for businesses and create 680,000 direct manufacturing jobs and nearly two million indirect jobs nationwide over five years.

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