Cree tax credit worth $39 million

January 9, 2010 

Cree, the Durham maker of energy-efficient lighting, qualified for a $39 million federal tax credit under an Obama administration program for green energy manufacturing.

Cree is the only North Carolina company out of 183 nationwide that received tax credits under the $2.3 billion stimulus program. The White House released the list Friday. Cree will use the money for equipment to make LED lights.

The money from the American Recovery and Reinvestment Act will help Cree pay for a rapid expansion to meet orders from China and elsewhere. The company hired nearly 300people last year and plans to hire a total of 575 by 2012 to ramp up production of LEDs, or light emitting diodes.

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