Alternative Energy Product Manufacturer’s Tax Credit

A tax credit for up to 5% of qualified expenditures for manufacturing equipment used in a manufacturing operation that produces alternative energy products.  To be eligible to claim a credit, the taxpayer must employ personnel to perform production tasks in conjunction with manufacturing equipment not previously existing at the site.  Additionally, the manufacturer must employ at least one new full-time employee in addition to the number of full-time employees employed one year prior to the day on which the taxpayer applies for the credit for every:

• $500,000, or a portion of that amount, of qualified expenditures claimed by the taxpayer in a tax year in the same application, up to a value of $30 million, and
• $1 million, or a portion of that amount, of qualified expenditures claimed by the taxpayer in a tax year in the same application, over $30 million. The manufacturer must be approved prior to claiming any tax credit.