Thursday, June 10, 2010
New Blog
Tuesday, April 27, 2010
Optimism on our future.
| The Daily Show With Jon Stewart | Mon - Thurs 11p / 10c | |||
| Fred Pearce | ||||
| www.thedailyshow.com | ||||
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| The Daily Show With Jon Stewart | Mon - Thurs 11p / 10c | |||
| Fred Pearce | ||||
| www.thedailyshow.com | ||||
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NEW YORK (CNNMoney.com) -- President Obama unveiled a program Friday that will provide $2.3 billion in tax credits for the clean energy manufacturing sector, a move aimed at creating 17,000 jobs.
The funding, which comes from the $787 billion American Reinvestment and Recovery Act, has been awarded to 183 projects in 43 states, the White House announced.
The projects selected must be commissioned by February 2013, and the government expects about one-third of those will be completed this year. The program provides a 30% tax credit for those projects.
The credit is focused on U.S. manufacturing of clean energy technologies such as solar and wind. Obama has said he wants to double the amount of renewable energy the United States uses over the next three years.
In addition to the federal funding, private firms are investing $5.4 billion, which will create 41,000 more jobs, the White House said.
The White House said it received 500 applications from companies seeking a total of more than $8 billion in aid by the program's Oct. 16 deadline. The departments of Energy and Treasury reviewed the applications, and sent their selections to the Internal Revenue Service to award the credit.
The applications were screened for a variety of factors, including job creation potential, technological innovation and geographical diversity. The new facilities should also boost the export of U.S. manufactured clean energy products, the government said.
Advantage was given to "shovel-ready" projects -- those that have state and local permits in place and are ready to go, senior officials said. Only projects that can break ground in 2010 could qualify for the credit.
Some of the funds will go to companies with headquarters outside the United States, but the money must be committed to building U.S. facilities and creating domestic jobs.
Qualifying facilities included the production of plug-in electric vehicles, geothermal equipment, fuel cells and microturbines.
The announcement came after a government report released earlier Friday showed employers cut 85,000 jobs in December, a much worse report than economists expected. The unemployment rate held at 10%.