Publications

On February 13, 2009, Congress approved and sent to President Obama for his signature the American Recovery and Reinvestment Act of 2009, a $787 billion stimulus package composed of approximately $506 billion in spending and $281 billion in tax cuts and tax credits designed to create jobs and jumpstart the economy. Significant provisions in the Act are intended to encourage development of clean renewable energy and investment in the nation's infrastructure, including:

• $4.5 billion to modernize the electric grid and fund smart grid programs
• $3.4 billion for clean coal and carbon sequestration project grants
• $6 billion for innovative energy technology loan guarantees
• $2.5 billion for energy efficiency and renewable energy research and development, and billions more to support development of advanced batteries and electric vehicles
• $27.5 billion for surface transportation infrastructure, including highways, rail, and ports, and billions more for high-speed rail and air transportation infrastructure
• Extension of the renewable energy production tax credit for three years
• Temporary election to claim the investment tax credit in lieu of the production tax credit

Billions of dollars of additional tax cuts and credits to encourage renewable energy development.