Today Congressman Dan Maffei announced he has introduced legislation that will incentivize small businesses in distressed economies to invest in clean energy technology. H.R. 3919, the Clean Energy Empowerment Zone Act recognizes that small businesses are the best at creating new jobs and boosting local economies. That is why it creates specific incentives for businesses to locate in areas that have skilled workers or a modern infrastructure but have lost jobs or been economically disadvantaged by the change from conventional to clean energy. This will help spur growth in areas that too often in the past missed the economic benefits of innovation.
Rep. Maffei said: “Syracuse and other cities in the industrial northeast have the infrastructure and the work force to lead the way in clean energy innovation. We are particularly well positioned in my district because of our exceptional research institutions and proximity to valuable natural resources. We just need some extra tools and incentives to make this new clean energy economy a reality, and this legislation will provide some of those for communities which are poised to make that leap.”
Matt Bennett, Vice President of the think tank Third Way, which helped develop the Clean Energy Empowerment Zone Act, said: “While investments in the Internet helped some communities in America grow in the 1990s, many others were left out. Done right, clean energy could have a much broader impact than the Internet. Rep. Maffei’s plan will give cities like Syracuse that have skilled workforces and great research institutions the tools they need to attract clean energy businesses.”
This program would be modeled on the some of the success stories from communities that were able to take advantage of Empowerment Zones, but would be distinct and would focus specifically on helping communities take advantage of clean energy. The zones would provide businesses substantial financial incentives to build such sectors including employment tax credits, increased business expense deductions, and favored capital gains treatment. The bill also provides those tax incentives for business that retrofit their buildings to be more energy efficient and environmentally friendly.
Original co-sponsors of H.R.3919 include Rep. Michael McMahon (D-NY), Roscoe Bartlett (R-MD) and Mike Thompson (D-CA). Rep. Maffei welcomes this bi-partisan support and is committed to continuing to gain the support of colleagues on both sides of the aisle.
