Gov. Ted Strickland, D-Ohio, and 18 other governors urged President Barack Obama to expand the Advanced Energy Manufacturing Tax Credit (Section 48C of the Internal Revenue Code), which directly supports companies undertaking advanced energy manufacturing projects.
In the letter, the governors recognized the significant success of the tax credit and the economic benefits that would come with an expansion.
‘The Midwest is a historic manufacturing engine and an emerging leader in the growing clean energy economy,’ Strickland said. ‘This program has already played an important role in supporting Ohio companies that are creating opportunities and jobs in the advanced energy industry. The expansion of this tax credit will accelerate the growth of clean energy manufacturing here in Ohio and across the nation.’
In January, the American Recovery and Reinvestment Act provided $2.3 billion in federal funds to 43 states aimed at supporting manufacturing energy projects. The federal resources have leveraged more than $5.4 billion in private investment that has supported the creation of manufacturing jobs.
In Ohio, seven companies received a total $82 million in tax credits for building and expanding advanced energy manufacturing projects, including Cardinal Fastener and Specialty Co. The company, a maker of hot forged bolts for wind turbines and turbine towers, received $480,000 in credits to expand production.
A copy of the governors' letter can be found at governor.ohio.gov.
SOURCE: Office of Gov. Ted Strickland Â