U.S. Sen. Charles Schumer is pushing for the extension and expansion of a clean-energy tax credit he says would give Corning Inc. added incentive to build its new diesel plant in the Corning area.
Schumer D-N.Y., said by changing a particular section of the IRS tax code, Section 48C, to include projects that reduce air pollutants from diesel-power engines, Corning would be eligible for additional incentives to build in U.S.
“When companies like Corning develop advanced clean-energy technologies that set them up for expansion and success, it is critical that they are rewarded and incentivized to stay in the United States and create jobs,” Schumer said.
“Unfortunately, some foreign countries, like China, make doing business in their domestic market difficult and also offer unfair incentives to draw companies like Corning overseas. The expansion of Section 48C will help demonstrate that the federal government can offer the support that Corning needs right here at home,” he said.
Currently, Section 48C is capped at $2.3 billion. Schumer is pushing for another $5 billion for the program.
U.S. Sen. Charles Schumer is pushing for the extension and expansion of a clean-energy tax credit he says would give Corning Inc. added incentive to build its new diesel plant in the Corning area.
Schumer D-N.Y., said by changing a particular section of the IRS tax code, Section 48C, to include projects that reduce air pollutants from diesel-power engines, Corning would be eligible for additional incentives to build in U.S.
“When companies like Corning develop advanced clean-energy technologies that set them up for expansion and success, it is critical that they are rewarded and incentivized to stay in the United States and create jobs,” Schumer said.
“Unfortunately, some foreign countries, like China, make doing business in their domestic market difficult and also offer unfair incentives to draw companies like Corning overseas. The expansion of Section 48C will help demonstrate that the federal government can offer the support that Corning needs right here at home,” he said.
Currently, Section 48C is capped at $2.3 billion. Schumer is pushing for another $5 billion for the program.
