US Fuel Cell Council Announces Tax Credit Extension Passed

Fuel Cell Council Lauds Congressional Action; Tax Credit Extension Becomes Law

The US Fuel Cell Council (USFCC) applauded today's vote in the US House of Representatives which granted an eight-year extension of the Investment Tax Credit for fuel cell technology.  The tax credit extension, included in the House and Senate versions of the financial bailout bill, was signed by the President shortly after final passage.

"We're very pleased with today's vote.  Members of Congress who have supported these tax incentives deserve our deepest gratitude," declared Robert Rose, Executive Director of the US Fuel Cell Council.

"With reliable, long-term incentives now in place, we are confident that our manufactures will see an increase in demand for their products.  In addition to helping stimulate the creation of more green-collar jobs, these incentives will allow more businesses to purchase clean, efficient technologies that will help them lower their green-house gas emissions.  "

Today's vote came shortly after the release of a Department of Energy report that concluded that commercialization of fuel cells could generate 675,000 new jobs over the next 25 years.  The study, Effects of a Transition to a Hydrogen Economy on Employment in the United States, concluded that fuel cell proliferation would create jobs in manufacturing, assembly, fuel production, repair, recycling, construction, and at auto shops and dealerships nationwide.

For more information, visit www.usfcc.com.

Source: US Fuel Cell Council