The bill, the Advanced Energy Tax Incentive Act of 2010, focuses on building and industrial energy efficiency, domestic manufacturing, emerging clean energy technologies and carbon mitigation.
The legislation:
- Enables home and business owners to defray upfront costs of investing in energy-saving technologies, including performance-based tax credits for whole home retrofits.
- Makes $2.5 billion in tax credits available to manufacturers dealing with clean renewable energy or enhanced energy efficiency products.
- Establishes a $1 billion tax credit program to enable domestic manufacturers to undertake energy-saving measures that advance their competitiveness.
- Facilitates the growth of renewable electricity by creating a tax incentive for energy storage systems.
- Retools the tax credit for carbon capture and storage.
A summary of the bill is located online at http://bingaman.senate.gov/policy/aetia_summ.pdf.
