Word is that the Senate Finance Committee has $5 billion in Green-related elements in its draft $150 billion stimulus package. Not tremendous, but at least a taste of sanity.
Among the $5 billion:
1. Production Tax Credit (Section 45). Extends placed-in-service deadline for qualifying electric generating facilities (wind, biomass, geothermal, etc.) for one year. Estimated cost is $3b/10.
2. Solar, fuel cell, microturbine credits (Sections 48 and 25D). Extends Section 48 (30% investment credit for solar and fuel cell property, 10% credit for microturbines) and Section 25D residential solar credit for one year. Cost is approx. $130m/10.
3. Clean Renewable Energy Bonds (CREBs). Provides $400m in new CREBs issuance, at estimated cost of $206m/10.
4. Appliances Manufacturer Credit. Extends manufacturer credit for high-efficiency appliances for two years through 2009, at cost of approximately $323m/10.
5. Energy-Efficient Existing Homes. Extends 10% investment tax credit for energyefficient home retrofits (windows, heating and cooling equipment, etc.) through 2009, at estimated cost of $1.5b/10.
6. Energy-efficient Commercial Buildings: Extends deduction for energy-efficient commercial buildings for one year, at estimated cost of $153m/10.
7. Energy-efficient New Homes. Extends credit for energy-efficient new homes for one year, at estimated cost of $61m/10.
And, for a taste of non-Green …
8. Percentage depletion for marginal wells. Extends suspension on the taxable income limit for purposes of depreciating a marginal oil or gas well through 2009, at estimated cost of $247m/10.
All of these are reasonable measures, worth enacting, even if the time periods (one year extensions) are far less than they should be.