Sen. John Kerry is taking another whack at the pinata and has introduced a bill to spur clean energy production with tax incentives.
Kerry’s new bill, called the Clean Energy Technology and Leadership Act, proposes the extension of several sources of funding, including tax incentives and credits, for energy manufacturing, biofuels, energy efficiency programs and transportation.�The bill deals directly with incentivizing green energy and makes no mention of global warming and has no mechanism for taxing carbon, such as the dreaded cap-and-trade. �
A key provision would extend the $2.3 billion manufacturing tax credit, which was enormously popular with several governors, and leveraged billions more in private capital.
In a statement, Kerry indicated that bill was a placeholder for something bigger down the road:
While we continue the fight to bring comprehensive energy legislation to the floor of the United States Senate, it�s essential that we take action to start moving in the right direction.
A short list of the provisions, provided by Kerry’s office, shows the act will:
- provide additional funding for the advanced energy manufacturing credit and uncap the credit for solar energy property, fuel cell power plans, and advanced energy storage systems, including batteries for advanced vehicles
- extend and modify tax incentives for new energy efficient homes, nonbusiness energy property improvements, and energy efficient commercial buildings
- encourage clean transportation by providing incentives for natural gas heavy� vehicles
- extend the excise tax credit for biodiesel and renewable diesel retroactively for 2010 and through 2012
- provide an additional $3.5 billion for clean renewable energy bonds
- extend the research and development tax� credit retroactively for 2010 and through 2012 and provide an additional 10 percent credit for qualified advanced energy research expenditures