As the debate on the prudence of this month’s Congressional bailout package continues to rage, one thing is clear: the renewable energy stimulus component of the bailout package will prove an effective weapon in Main Street’s arsenal against runaway energy costs -- and for energy independence.
The Main Street component of this economic package stimulates renewable energy markets by an estimated $230 billion and creates or retains nearly 440,000 green jobs by providing businesses and citizens across America with rich new incentives to go solar.
Among the bill’s provisions are:
Extending investment tax credits for residential and commercial solar installations for eight years (They previously set to expire in two months.);
Eliminating the $2,000 cap on the investment tax credit for residential solar electric installations placed into service after December 31, 2008;
Allowing filers of the alternative minimum tax to claim solar investment tax credits;
Allowing public utilities to claim solar investment tax credits;
Authorizing $800 million in new clean renewable energy bonds;
Creating a new category of tax credit bonds called Qualified Energy Conservation Bonds to finance state and local initiatives to reduce carbon emissions;
Extending deductions for energy-efficient commercial buildings;
Establishing new tax credits for purchasers of plug-in electric-drive vehicles;
Extending research and development tax credits to stimulate green jobs.
Source: Daily Green
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