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News Update
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Economic Rescue Plan Passed, Including Energy Efficiency Tax Breaks |
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October 03, 2008
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President Bush signed the $700 billion rescue plan after U.S. House of Representatives lawmakers passed the Emergency Economic Stabilization Act of 2008.
The result is a $700 billion bailout for financial firms combined with $152 billion in tax breaks and broader tools for federal regulators to deal with the growing economic crisis.
Included in the rescue package are provisions lobbied by NEMA throughout the year that impact deployment of energy efficiency and renewable energy technologies.
The energy and renewable tax provisions include:
- An extension through 2013 of the of energy-efficient commercial buildings tax deduction
- Extension and modification of the renewable energy tax credit
- Extension of the tax credit for energy-efficient improvements to existing and new homes
The plan will extend many energy tax incentives that will support construction, contracting, and manufacturing jobs. These critical tax incentives will stimulate the production and implementation of energy-efficient lighting in commerical buildings.
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