Feds Add $150M Tax Credit for Manufacturers of ‘Advanced Energy’ Products
New federal government tax credit allows makers of 'advanced energy' products like lighting control, LEDs, thermostats and energy management to write-off up to 30% of their development investment
The American Recovery and Reinvestment Act of 2009 just keeps on giving and giving. The law, better known as the “economic stimulus,” has just kicked in a new tax credit that will allow manufacturers to claim up to a 30 percent tax break for development of “advanced energy” products. That development includes factory expansion or re-tooling.
In the announcement of the update, which was made on February 7, among the specific product segments called out are lighting, lighting control, thermostats and energy management systems.
To get the tax break, manufacturers must submit concept papers to the U.S. Department of Energy by April 9 with full applications due by July 23, 2013.
There is a total of $2.3 billion available for the tax break, with $150 million in this “Phase II” announcement.
Jason has covered low-voltage electronics as an editor since 1990. He joined EH Publishing in 2000, and before that served as publisher and editor of Security Sales, a leading magazine for the security industry. He served as chairman of the Security Industry Association’s Education Committee from 2000-2004 and sat on the board of that association from 1998-2002. He is also a former board member of the Alarm Industry Research and Educational Foundation. He is currently a member of the CEDIA Education Action Team for Electronic Systems Business. Jason graduated from the University of Southern California. Have a suggestion or a topic you want to read more about? Email Jason at [email protected]
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