Environmental Newsflash, Issue 17

Yesterday the US House of Representatives passed an economic stimulus bill by a vote of 244-188.  That bill contains significant funding for programs regarding renewable energy, energy efficiency and carbon capture technologies.  Among other things, the bill provides for the following:

• $2 billion for energy efficiency and renewable energy research, development, demonstration and deployment activities, of which not less than $800 million is for biomass and not less than $400 million is for geothermal technologies
• $2.4 billion to demonstrate carbon capture and sequestration technologies
• $1 billion for the manufacturing of advanced batteries
• $3.5 billion for Energy Efficiency and Conservation Block Grants
• $500 million for energy conservation programs for schools and hospitals
• $1 billion for grants to institutional entities for energy sustainability and efficiency
• $6.2 billion for the Weatherization Assistance Program
• $8 billion increase for the innovative technology federal loan guarantee program

The bill also contains several tax provisions including an extension of time periods for the electricity production tax credits, and an increase in the tax credits for research and development regarding renewable energy, fuel cells, battery technology, conservation technology, efficient transportation and distribution of electricity, and carbon capture and sequestration.

For more information, please contact:

James Derouin: 602.257.5237, jderouin@steptoe.com
Fred Bellamy: 602.257.5204, fbellamy@steptoe.com
David Nelson: 602.257.5246, dnelson@steptoe.com
Mark Freeze: 602.257.5215, mfreeze@steptoe.com