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Solar Energy Manufacturing for America Act

12/31/2022, 5:36 AM

Summary of Bill HR 5423

Bill 117 HR 5423, also known as the Solar Energy Manufacturing for America Act, aims to promote the growth of the solar energy industry in the United States. The bill focuses on increasing domestic manufacturing of solar energy products, such as solar panels and other related equipment.

One of the key provisions of the bill is the establishment of a grant program to provide funding for the construction and expansion of solar energy manufacturing facilities in the US. This program aims to incentivize companies to invest in domestic manufacturing, creating jobs and boosting the economy.

Additionally, the bill includes measures to support research and development in the solar energy sector, with a focus on improving the efficiency and affordability of solar technology. This includes funding for research projects and partnerships with universities and research institutions. Overall, the Solar Energy Manufacturing for America Act is designed to strengthen the US solar energy industry and reduce reliance on foreign imports. By promoting domestic manufacturing and investing in research and development, the bill aims to position the US as a global leader in solar energy technology.

Congressional Summary of HR 5423

Solar Energy Manufacturing for America Act

This bill allows a new tax credit for the production and sale of certain solar equipment produced and sold in a taxpayer's trade or business.

Current Status of Bill HR 5423

Bill HR 5423 is currently in the status of Bill Introduced since September 29, 2021. Bill HR 5423 was introduced during Congress 117 and was introduced to the House on September 29, 2021.  Bill HR 5423's most recent activity was Referred to the House Committee on Ways and Means. as of September 29, 2021

Bipartisan Support of Bill HR 5423

Total Number of Sponsors
1
Democrat Sponsors
1
Republican Sponsors
0
Unaffiliated Sponsors
0
Total Number of Cosponsors
32
Democrat Cosponsors
32
Republican Cosponsors
0
Unaffiliated Cosponsors
0

Policy Area and Potential Impact of Bill HR 5423

Primary Policy Focus

Taxation

Potential Impact Areas

- Alternative and renewable resources
- Electric power generation and transmission
- Income tax credits
- Licensing and registrations
- Manufacturing

Alternate Title(s) of Bill HR 5423

To amend the Internal Revenue Code of 1986 to establish the advanced solar manufacturing production credit.
Solar Energy Manufacturing for America Act
Solar Energy Manufacturing for America Act

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