Tax credits for minerals dependent products

Last week, the Department of Energy and U.S. Treasury announced the availability of $150 million in tax credits for clean energy manufacturers. A jointly issued press release stated, “this important tax program is focused on strengthening America’s global competitiveness in clean energy manufacturing, increasing our energy security and creating new jobs and opportunities for American workers.”

The technologies that define clean energy manufacturing all depend on minerals, including wind turbines, solar energy technologies and hybrid vehicles, all technologies in which the DOE is investing.

Unfortunately, American industries have to rely on foreign suppliers for more than half the minerals they use, including the rare earth minerals whose price has increased nearly 300 percent. Continued dependence on foreign suppliers will only stifle the growth our policymakers are trying to encourage.

A more efficient permitting process for new minerals mining projects and access to the $6.2 trillion in key minerals right beneath our feet would ensure the stable supply chain necessary for increased manufacturing across industries, help to regain investment dollars lost in the last decade and create good jobs for many Americans.