Schumer promotes fuel-cell legislation (New York)

Sen. Charles Schumer is introducing legislation that would provide tax credits to companies such as Plug Power Inc. that make fuel-cells for forklifts and other heavy machinery.

Schumer said existing federal law provides tax credits as incentives to purchase fuel cells for cars and trucks but it doesn’t not include havy machinery. The senator said that law gives “short shrift” to companies like Plug Power (Nasdaq: PLUG), based in Latham.

“That has to change,” Schumer said during an event at Plug Power. “Fuel cells save energy and help the environment regardless of whether they’re attached to a car or a forklift, and they should be treated equally.”

Schumer’s legislation, to be introduced next week, expands the definition of motor vehicle and could mean a break of between $8,000 and $40,000 to buyers. Schumer said the law would provide a boost to the industry and help fuel cell developers add jobs and increase production. Other companies with New York operations that could stand to benefit from the legislation include Raymond Corp. in Greene and Onondaga counties, and Praxair in Tonawanda.

Read the full story in the The Business Review of Albany, N.Y.