U.S. Senators Kirsten Gillibrand, Democrat of New York, and Mike Johanns, Republican from Nebraska, have introduced bipartisan legislation to help businesses cut energy costs and create new, green jobs.
The Mechanical Insulation Installation Incentive Act would create a tax credit for commercial buildings and industrial and manufacturing facilities, including power plants, refineries, hospitals, schools, and universities to increase the use of mechanical insulation.
“Investment in energy efficiency is a vital part of our economic recovery,” Senator Gillibrand said. “This legislation would make mechanical insulation more accessible and affordable – helping to cut harmful emissions, improve the environment, lower energy bills, and create good-paying jobs right here at home. This program makes good sense for our economy and environment.”
Mechanical insulation is a proven energy efficiency tool and emission reduction technology that improves personnel safety and reduces costs while also creating tens of thousands of green jobs. While incentives have been developed for walls and roofing, lighting, weatherization, and other energy efficiency option, there are no existing tax incentives tailored for mechanical insulation.
The act would create a 30 percent tax deduction to encourage commercial and industrial entities to include mechanical insulation in new construction or retrofit projects.