S. 320 would ensure that short- and long-term investment decisions critical to economic stimulus and job creation in clean energy are supported by Federal programs and reliable tax incentives.
Detailed Summary
Clean Energy Stimulus and Investment Assurance Act of 2009 - Amends the Internal Revenue Code to: (1) allow a new tax credit for investment in projects for manufacturing alternative energy equipment; (2) allow accelerated depreciation for smart meters and smart grid systems; (3) expand carrybacks and carryforwards of unused business tax credits; (4) extend the tax credit for producing electricity from renewable resources and expand such credit to include the production of thermal energy and zero carbon emissions resource facilities; (5) increase the national limitation for issuance of new clean renewable energy bonds; (6) allow expensing of manufacturing facilities for producing plug-in electric drive motor vehicles; (7) allow a tax credit for the cost of converting motor vehicles into plug-in electric drive motor vehicles; (8) extend through 2010 the tax credit for biodiesel and renewable diesel; (9) extend through 2014 the tax credit for alternative fuel vehicle refueling property expenditures; (10) increase the tax credit for residential energy efficient property expenditures; (11) allow an energy tax credit through 2016 for qualified energy storage air conditioner property; (12) extend through 2012 the tax credit for new energy efficient homes; (13) increase the tax deduction for energy efficient commercial buildings; (14) increase and extend the tax credit for nonbusiness energy property; (15) allow an energy tax credit for investment in green roofs; and (16) repeal limitations on the energy tax credit for property financed by subsidized energy financing.
Authorizes appropriations for: (1) smart grid research and development; (2) the Bonneville Power Administration; (3) the plug-in electric drive motor vehicle program; (4) the energy storage competitiveness program; (5) advanced battery manufacturing; and (6) the energy efficient appliance rebate program and the Energy Star program.
Amends the Energy Policy Act of 2005 to allow the federal government to enter into 30-year contracts for the purchase of electricity generated by renewable energy.
Status of the Legislation
Latest Major Action: 1/26/2009: Referred to Senate committee. Status: Read twice and referred to the Committee on Finance.
Points in Favor
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Points Against
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Visitor Comments
David Gilmore
February 2, 2009, 12:20pm (report abuse)As a Green Roof professional, I can support the claims of benefit for the widespread construction of green roofs. They do many positive things, including reduction of energy consumption, protection of water supplies, and reduction of air pollution. This is a good direction for us.
Brian
February 18, 2009, 5:48pm (report abuse)Does anyone know the status of this bill? Was it supposed to be part of the final Stimulus package (so looks like it did not make it) or something else?