WASHINGTON Below is a summary of energy and other technology spending provisions in the economic stimulus package, the American Recovery and Reinvestment Act, signed into law on Tuesday (Feb. 17) by President Obama.
Programs and funding amounts are based on a House-Senate conference report released by Speaker of the House, Rep. Nancy Pelosi (D-Calif.):
$20 billion in tax incentives for renewable energy and energy efficiency over the next decade. The provision includes a new manufacturing investment tax credit for facilities used to make components used for renewable energy production, advanced battery technologies and "next-generation green technologies."
$400 million to fund establishment of the Advanced Research Projects Agency-Energy, an initiative championed by House Science Committee Chairman Bart Gordon of Tennessee. Congress approved the new Energy Department R&D agency last year, but no funds were appropriated.
$580 million for the National Institute of Standards and Technology for technology innovation and manufacturing standards programs.
The Speaker's office estimates that energy funding in the stimulus package could create nearly 500,000 U.S. jobs.
According to Obama administration timeline for tracking stimulus spending, federal agencies must begin reporting how stimulus funds are being allocated beginning March 3.
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