"White House Promotes Clean Energy Tax Credits"

"The White House is promoting a $5 billion increase in tax breaks for clean energy manufacturing in hopes of contributing to job growth and expanded use of renewable energy.

The tax credits are part of the jobs plan that President Barack Obama announced last week. If Congress approves the initiative, new or expanded factories that make products such as wind turbines, solar panels, and electric vehicles would get a 30 percent tax credit.

A similar $2.3 billion tax credit was included in the $787 billion stimulus plan this year. In announcing the administration's support for an expansion of the program Wednesday, Vice President Joe Biden said the first round of tax credits was an "overwhelming success" and that there were more qualified applicants than expected."

Julie Pace reports for the Associated Press December 16, 2009.

See Also:

"Biden Announces $5 Billion Tax Credit for Clean Energy Manufacturing" (ENS)

Source: AP, 12/17/2009