Government incentives have jump-started new technologies, and fostered the revitalization and retooling of entire U.S. industries. .Recent examples include substantial Federal rebates for electric cars, credits for LEED certified building systems, Renewable Energy Credits (REC) for Green Energy generation, loan guarantees for solar and wind turbines farms, the development of greener engines, and, most dramatically, Federal support for the auto industry and the Wall Street bank bail-outs.
Billions of dollars of new investment capital has been attracted by government supported start-ups and recapitalized industries whose products and services benefit society as a whole while sustaining and creating thousands of new jobs. Although Federal and State treasuries might defer taxes at the start of a program as an inducement to invest new capital into a venture, the pay-back from wage earners paying taxes often is multiples of upfront tax deferrals.
We believe that a vibrant U.S. shipbuilding sector is mission critical to America’s transportation and manufacturing future. It certainly is essential to the future of U.S.-flag shipping. For these reasons we strongly support efforts to revitalize the industry.