(CNSNews.com) - Speaking Thursday afternoon in Newton, Iowa, President Barack Obama pitched his idea for $5 billion in new tax credits for manufacturers that make equipment—such as windmill blades and solar panels—for “clean energy” companies.
“Nobody wants a handout,” Obama said. “Nobody wants to get something for nothing.”
Obama was visiting TPI Composites, a company that manufactures blades for windmills, to pitch the fourth item on the five-item “To-Do” list of legislative actions he says he would like Congress to take this year. This particular item is: “Create Jobs By Investing In Affordable Clean Energy”
A statement put out by the White House on Thursday explained the substance of Obama’s request.
“Congress needs to help put America in control of its energy future by passing legislation that will extend the Production Tax Credit to support American jobs and manufacturing in the wind industry alongside an expansion of the 48C Advanced Energy Manufacturing Tax Credit that supports American-made clean energy manufacturing,” the White House said.
“The Production Tax Credit, which expires at the end of 2012, provides a 2.2 cent per kilowatt hour credit for utility scale wind producers,” said the White House.
“In the Recovery Act, $2.3bn in 48C credits were offered, and the program was over-subscribed by more than 3-to-1, meaning that over $5 billion projects with merit did not get funding,” said the White House. “The President’s plan calls for an additional $5 billion in credits, which would support at least $17 billion in direct investment in clean energy manufacturing facilities.”
In Newton, Obama told the crowd at TPI Composites that companies like TPI will take a hit if Congress does not act on this item of his “To-Do” list.
“Nobody wants a handout. Nobody wants to get something for nothing,” Obama said. “But if we've got a chance to create energy and create value and put people back to work, why wouldn't we do that?
“So I'm here today because, as much progress as we've made, that progress is in jeopardy,” said Obama. “If Congress doesn’t act, those tax credits that I mentioned--the ones that helped build up the wind industry, the ones that helped to bring all these jobs to Newton, those tax credits will expire at the end of the year if Congress doesn't do anything. If Congress doesn’t act, companies like this one will take a hit.”
In the same speech, the president noted that he disagrees with those in Congress who want to cut government to pay for tax cuts for the wealthy.
“And there are some big disagreements,” Obama said. “They want to make big cuts to pay for more big tax cuts for the wealthy. I disagree with that.”