Legislative Update: Obama Stimulus Package and Federal Renewable Energy Legislation

All eyes are on the Obama Administration's economic stimulus package. On February 17, 2009, President Obama signed into law the American Recovery and Reinvestment Act of 2009 (ARRA). The $787 billion stimulus act is focused on government spending initiatives intended to create jobs and jumpstart the economy as well as provide tax breaks for businesses and individuals. A significant part of the stimulus includes investments in green building, renewable energy, and energy efficiency. A more thorough analysis is available through the U.S. Green Building Council: www.usgbc.org/News/PressReleaseDetails.aspx?ID=3974

Not to be bypassed, however, is the federal renewable energy legislation that was passed at the end of 2008. The Energy Improvement and Extension Act of 2008 (H.R. 1424) was signed into law in September. The Act includes renewable energy incentives, carbon mitigation, green transportation measures, and energy conservation and efficiency measures. For more information see the U.S. Senate Committee on Finance's Staff Summary of the legislation:

www.finance.senate.gov

www.finance.senate.gov/sitepages/2008legislation.htm (see Staff Summary on 9-17-08).