H.R.6182: American Advanced Energy Manufacturing Jobs Act of 2012

H.R.6182: American Advanced Energy Manufacturing Jobs Act of 2012

This bill extends and expands the 48C Advanced Energy Manufacturing Tax Credit.  It will uncap the credit for certain advanced manufacturing -- solar, fuel cell, battery – and provide a $3 billion capped credit for other manufacturing. This tax credit program will help increase US clean energy manufacturing projects and expand manufacturing capacity to supply the world with US made parts and equipment. More manufacturing facilities will also support significant growth in exports of US manufactured clean energy products.

This bill is offset by repealing two provisions relating to major integrated oil companies.  First, it would modify the rules that allow oil companies a foreign tax credit against their U.S. taxes to the extent that it pays income tax to a foreign government.  Second, it would eliminate the expensing of intangible drilling costs.