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   Taft urges fuel cell tax credit

Publication Date:27-July-2005
12:45 PM US Eastern Timezone 
Source:BizJournals
 
Gov. Bob Taft called on Congress to approve tax credits for business owners and homeowners who install fuel cell electricity stations.

Taft joined governors from Maryland, Connecticut and Pennsylvania in a joint statement on Tuesday. Congress is considering tax credits for fuel cell projects in the National Energy Policy Act of 2005, a pending bill.

Although still experimental, fuel cells are intended to produce cleaner energy than traditional power plants. Fuel cells extract electricity from fuel through a chemical process, whereas traditional power plants burn fuel to extract energy.

Fuel cell technology makes up a major portion of the state's Third Frontier project, a 10-year, $1.1 billion program to spur high-tech business in the state. The Third Frontier established a $100 million Fuel Cell Initiative to give grants and loans to businesses and institutions researching fuel cells. The city of Westerville and AMP-Ohio, an organization of municipal power companies, established a fuel cell demonstration project in November that is intended to power as many as 180 homes.
 


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