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U.S. Sen. Sherrod Brown wants the federal government to shell out more money for its Advanced Manufacturing Tax Credits, also known as the 48C program.

The Democratic senator from Avon today introduced legislation that would expand financing for the program with an additional $5 billion in tax credits and possibly grants for companies investing in wind, solar and other advanced energy technologies.

American industry needs the incentive and assistance to help it gear up to better compete with China and other nations that already are pulling ahead in the race to produce the world’s solar panels, wind turbines and other equipment, Sen. Brown said in a conference call from Washington, D.C.

“Some 70% of the components of clean energy systems are made outside of the U.S. So, if we don’t act, we’ll replace our dependence on foreign oil with dependence on foreign solar and foreign wind power” equipment, Sen. Brown said.

The 48C program had been financing with $2.3 billion in federal stimulus money, but that money has run out, said Jared Bernstein, an economic policy advisor to the Obama administration who joined Sen. Brown in discussing the legislation on the conference call with reporters. That money attracted more than $5.4 billion in private investment and helped create 17,000 manufacturing jobs, Mr. Bernstein said.

In addition to expanding the program financially, Sen. Brown said his legislation would enable some of the money to be spent in the form of grants, which he said would better assist young, small companies than would tax credits.

Greg Noethlich, chief operating officer of Elyria Foundry, said he hopes the program is expanded so that his company can receive tax credits, which would enable it to modernize its facilities in both Elyria and western Pennsylvania. Mr. Neothlich said the existing program ran out of money before the company was approved for a tax credit.

“There’s over 30 tons of ductile steel in a wind turbine and those are components we can help supply,” Mr. Noethlich said.

Sen. Brown said he hopes the bill will pass soon, as there is broad support for it in the Senate and strong backing from President Obama.

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