House Ways and Means Committee Chairman Rep. Sander Levin (D-Mich.) recently released the draft legislative text of the Domestic Manufacturing and Energy Jobs Act of 2010. The draft legislation would provide investment in domestic clean energy manufacturing and encourage manufacturers to build facilities in the United States. Key provisions of the legislation include:
- $6.5 billion investment tax credits for taxpayers that expand or establish domestic manufacturing facilities that produce advanced energy equipment;
- Continues successful renewable energy programs, such as the direct payment in lieu of tax credits program (Section 1603 program);
- Provides an extension of the placed-in-service date for offshore wind and geothermal facilities; and
- Provides State and local governments with financing tools to encourage energy-efficiency and renewable energy on residential property.
