Clinton proposes new tax incentives to revitalize U.S. manufacturing
As part of her plan to create good-paying jobs for American workers, Hillary Clinton is outlining a strategy to win the race to lead the world in advanced manufacturing. The centerpiece of her announcement is a major new tax credit – dubbed the “Manufacturing Renaissance Tax Credit” – to incentivize investment in communities that are at risk of a downward spiral because they have seen manufacturing jobs and production depart.
“My plan will help spur reinvestment in communities that have lost jobs because of factory closures,” Clinton said. “By strengthening our manufacturing sector for the future, we can help create the next generation of good-paying jobs and put more people back to work across the country.”
Clinton’s announcement continues her month-long focus on a jobs agenda that will lead to higher incomes for hard-working Americans. It comes on the heels of her $275 billion plan to invest in U.S. infrastructure, which was announced last week.
Clinton is focused on manufacturing because it is a source of higher-paying American jobs, with studies showing it pays between 8 and 20 percent higher than other industries.
Under Clinton’s manufacturing agenda, communities would be eligible to apply for tax relief after a significant plant closure or round of layoffs in their area. Clinton’s new tax credit would offer options for relief modeled after the existing New Markets Tax Credit, which one survey found, on average, has supported projects worth $16 million. They could also be eligible for relief for long-term investments, or refurbishing and repurposing facilities.
Clinton would also expand President Obama’s “National Network for Manufacturing Innovation” program, which supports regional hubs that bring together workers, business, universities, and community colleges to develop world-leading technologies and production that anchor good-paying jobs. In addition, her plan would double funding for the Manufacturing Extension Partnership – a public-private program that provides federal support to help small and mid-sized American manufacturers compete – while insisting on strong domestic sourcing requirements and “Buy American” provisions so that materials that are “Made in the USA” receive priority.
Clinton’s agenda extends her long record of fighting to expand manufacturing and boost American jobs. As Senator, Clinton co-founded the bipartisan Senate Manufacturing Caucus, fought Bush Administration efforts to cut support for manufacturing, and called for a “New Manhattan Project” to rebuild American manufacturing.
A fact sheet on Clinton’s manufacturing proposals is available here.
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