Official Summary

7/25/2012--Introduced.American Advanced Energy Manufacturing Jobs Act of 2012 - Amends the Internal Revenue Code, with respect to the tax credit for the qualifying advanced energy project program, to: (1) allow, through December 31, 2016, an additional credit amount for the cost of manufac

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Official Summary

7/25/2012--Introduced.American Advanced Energy Manufacturing Jobs Act of 2012 - Amends the Internal Revenue Code, with respect to the tax credit for the qualifying advanced energy project program, to:
(1) allow, through December 31, 2016, an additional credit amount for the cost of manufacturing equipment that uses solar energy to generate electricity, fuel cell power plants, and systems for the electro-chemical storage of electricity; and
(2) increase for 2012 the amount of credits that may be allocated under such program. Provides for an offset against such increased credit by denying to any major integrated oil company:
(1) a foreign tax credit if such company receives a tax preference from a foreign jurisdiction that does not impose a generally applicable income tax, and
(2) a tax deduction for intangible drilling and development costs.

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