RBC Bearings Receives $8.3 Million Federal Tax Credits for Development of Wind Turbine Bearing Facility

RBC Bearings Incorporated has received clean energy manufacturing federal tax credits totaling $8.3 million from two awards for the development of its wind turbine bearing facility in Houston, Texas.

Dr. Michael J. Hartnett, Chairman and Chief Executive Officer, said that the company is thankful for the government’s support and the federal tax credits will help the company for the development of large diameter bearings to meet the needs of wind turbine markets. He further commented that the company acknowledges the fact that wind energy will play a significant role in the President’s initiative for clean energy.

As part of the American Reinvestment and Recovery Act, U.S. Internal Revenue Service in cooperation with the Department of Energy has awarded these tax credits to RBC Bearings Incorporated. Two credit awards were received in accordance with section 48C of the Internal Revenue Code. The first award is a tax credit of $4,157,400 connected to the recent investments in company’s Houston facility. The second award is tax credit of $4,155,000 to support the expansion the Houston facility.