Obama awards $2.3 bln clean energy tax credits

Obama will unveil a $2.3 billion tax credit to promote clean energy technology and boost job creation in the hard-hit manufacturing sector, the White House said.

Obama awards $2.3 bln clean energy tax credits

U.S. President Barack Obama will unveil a $2.3 billion tax credit on Friday to promote clean energy technology and boost job creation in the hard-hit manufacturing sector, the White House said.

It said in a statement the credit, from funds earmarked under an emergency $787 billion stimulus package Obama signed in February 2009, would create 17,000 new U.S. jobs and would be matched by an additional $5 billion in private capital.

High unemployment is one Obama's most pressing domestic challenges and a monthly payroll report released earlier on Friday served a reminder that labor market conditions are still grim. U.S. unemployment remained stuck at 10 percent in December, while businesses unexpectedly shed 85,000 jobs.

Obama is due to make the announcement at 2:40 p.m. (1940 GMT) at the White House.

"The Recovery Act awards I am announcing today will help close the clean energy gap that has grown between America and other nations while creating good jobs, reducing our carbon emissions and increasing our energy security," Obama will say in his remarks, according to the White House statement.

Reuters
Last Mod: 09 Ocak 2010, 12:39
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