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Blog Category: taxes

Secretary Locke visits Arc Energy in Nashua, New Hampshire

Secretary Locke speaks during a question and answer session

Yesterday, Secretary Gary Locke traveled to New Hampshire and met with regional business leaders and toured Arc Energy, a renewable energy equipment manufacturer that specializes in solid state lighting technologies.

One day after President Obama delivered his State of the Union address, Locke reinforced the importance of strengthening America’s competitiveness by out-innovating, out-educating and out-building the rest of the world.  He discussed how a more competitive America will help rebuild the economy, create more jobs and prepare the country for challenges ahead.

Locke also discussed how the recently-passed tax cut package, which reduces the payroll tax, expands the Earned Income Tax Credit and allows businesses to temporarily expense 100% of their capital investments in 2011, benefits companies like Arc Energy.  The tax cuts package provides tax relief to 800,000 people in New Hampshire and extends unemployment benefits to 12,627 residents whose benefits would have otherwise expired.

Arc Energy develops cutting-edge technologies that substantially reduce the cost of LED lighting.  It exports products to several countries, including China and Korea, and has signed multiple contracts worth several hundred million dollars in 2011.  President Obama visited Arc one year ago and since then the manufacturer has experienced significant growth – expanding its workforce by 300 percent.  Because of the industry’s expansive supply chain, for every person Arc Energy hires, roughly four to five additional jobs are created elsewhere in the United States.

Secretary Locke Speaks with Silicon Valley Leadership Group on Obama Administration's Efforts to Foster Innovation

U.S. Commerce Secretary Gary Locke delivered remarks at the Silicon Valley Leadership Group (SVLG)’s annual luncheon today, emphasizing the steps the Obama administration has taken to turn around the U.S. economy and create jobs. Locke stressed the administration’s efforts to build a stronger foundation for long-term growth and prosperity by investing in research and development, a 21st century infrastructure and manufacturing, and underlined Silicon Valley’s role as the epicenter of technological innovation.

Sec. Locke wanted it to be known that “when it comes to new ideas, our only criterion is efficacy. It doesn’t matter if they come from the left or the right, the boardroom or academia. We simply will not rest until every American who wants a job can find one.”

Locke emphasized that President Obama’s proposed 2011 budget, while freezing domestic discretionary spending overall, actually increases funding for civilian R&D by nearly 6 percent. Also, he noted President Obama’s support a new business tax cut that will allow small businesses to deduct the full amount of new capital investments immediately.

Locke also highlighted President Obama’s National Export Initiative (NEI), which aims to double U.S. exports over the next five years in support of several million American jobs. The NEI will provide more funding, more focus and more Cabinet-level coordination to increase U.S. exports, and represents the first time the United States will have a government-wide export-promotion strategy with focused attention from the president and his Cabinet.

Remarks