GE in Rutland Wins $12 Million Clean Energy Stimulus
General Electric Aviation in Rutland, Vt., was awarded $11.9 million in tax credits for a clean energy manufacturing project, Sens. Patrick Leahy (D-Vt.) and Bernie Sanders (I-Vt.) and Rep. Peter Welch (D-Vt.) announced today.
GE Aviation will take advantage of the tax credit to buy machinery and equipment for manufacturing a new aircraft engine designed to significantly reduce greenhouse gas emissions and reduce fuel consumption.
The award to the Vermont manufacturer was one of 183 for projects in 43 states that will share in $2.3 billion in advanced energy manufacturing tax credits. The investment tax credits, worth up to 30 percent of each planned project, will leverage private capital for a total investment of nearly $7.7 billion in high-tech manufacturing in the United States.
The program – authorized by the economic recovery act that Congress approved last year – is designed to promote domestic manufacturing of advanced clean energy technologies including solar and wind technologies.
The tax credits were announced by President Barack Obama at the White House hours after the U.S. Department of Labor reported that unemployment in December stood at 10 percent.
The credits are focused on putting Americans back to work by building a domestic manufacturing capacity to supply clean and renewable energy projects with American made parts and equipment.