Yesterday House Democrats and President-elect Barack Obama's economic team released the details of a proposed $825 billion economic recovery plan that includes a sizable chunk of funds for Renewable energy.
As proposed, legislation would provide $20 billion in tax cuts for alternative energy including a multiyear extension of the production tax credit for wind, geothermal, hydro power and bioenergy.
Tax credits would also be available for research and development concentrated on energy conservation and efficiency.
The plan also calls for $32 billion to update the nation's electric transmission grid, $2.4 billion for developing carbon capture technology and $16 billion for retrofitting public housing for more efficiency. Another $6 billion is included for weatherizing modest-income homes.
A week ago Obama said he wants to double the nation's supply of renewable energy within three years. He has pledged to invest $150 billion over 10 years for alternative energy, which he says will create or save 5 million green jobs.
Other aspects of the plan call for increased spending on infrastructure, unemployment benefits, education, health care, housing and law enforcement; as well tax breaks for individuals and businesses.
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House Energy and Commerce Committee Chairman Henry Waxman (D-Calif.) said yesterday he will act quickly to send comprehensive global warming legislation to the House floor by Memorial Day.
