Mike Splinter supports Economic Recovery Act

WASHINGTON: Mike Splinter, President and CEO of Applied Materials, Inc., has applauded the Congressional passage of the Economic Recovery Act conference report.

"This bill does a lot for solar, and will create thousands of 'green' jobs just when we need them most," said Splinter. "The manufacturing credit is a huge step forward to put Americans to work making solar panels so we all can benefit from clean, affordable renewable energy."

The conference report to H.R. 1, the American Recovery and Reinvestment Act of 2009 includes several important provisions for Applied Materials and solar energy deployment. The bill will create a new, 30n percent tax credit for facilities and equipment engaged in the manufacture of renewable energy-generating property, such as solar panels. It also creates a grant program to allow taxpayers to redeem solar investment tax credits which are unusable to the holder because they do not have sufficient tax liability to offset.

Also included is a temporary loan guarantee program for renewable energy projects and repeal of the tax penalty for subsidized energy financing. The other tax provisions are key components to realize the potential that Congress intended when it enacted a long-term extension of the solar investment tax credit last year.