Legislation Aims to Boost American Manufacturing Industry [VIDEO]
Elmsford-based company is one of many manufacturers in the Hudson Valley.
From aerospace to computer technology, the high-tech manufacturing industry in the United States has seen an uptick in recent years, U.S. Sen. Kirsten Gillibrand (D-NY) and Congresswoman Nita Lowey (D-18) said today.
The pair appeared at Hypres, a digital superconductor manufacturer in Elmsford, to speak about ways to boost the country's manufacturing sector.
Gillibrand announced the Made in America Block Grant Program Act, which will offer grant opportunities to small and medium-sized manufacturing businesses looking to retool, retrain, expand, diversify or work to focus on clean energy.
"Made in America grants can be used to retool and retrofit equipment and facilities," she said. "It can help diversify business plans...and retrain business employees with the skills they need for new-age manufacturing."
A second initiative Gillbrand is seeking to pass is the Security in Energy and Manufacturing (SEAM) Act, which would provide a 30 percent tax credit for U.S. companies involved in manufacturing.
Finally, Gillibrand said the New Markets Tax Credit Extension Act would prolong the currently year-by-year New Markets Tax Credit program, which provides a 39 percent tax credit for small manufacturing businesses.
Gillibrand is seeking to expand this legislation and make it last more than one year, "so that a community can make long-term strategic investments, attract more businesses and create more jobs."
Richard Hitt, president and chief executive of Hypres, said he was happy to have the federal government recognize the work of local manufacturers, and delighted Lowey with explanations of the superconducting chips that can be used in MRIs and 4G technology alike.
"Hypres is going to commercialize its technology," said Hitt, whose company employs about 40 people. "I think we have today, the most exciting things that we can pursue that the company has ever had."
Dr. Marsha Gordon, president and chief executive of the Westchester Business Council, said the legislation could help bring more high-paying jobs to Westchester and "encourages business growth."
"It seems like the stars are aligned with this announcement today, Senator," she said. "You are providing us the foundation on which to grow and so that the innovations can really sprout the seeds that they plant."
Concluded Gillibrand, "At the end of the day, you aren't going to find better know how, better innovation, better entrepreneurialism than you have here in New York. We are a state the loves to build things, make things, innovate things and honestly made America here—right in New York."
Shar
6:58 am on Tuesday, October 11, 2011
Hope it is not another Solar like debacle ...putting good money into bad companies because the politicians owe them.