|For Immediate Release||February 3, 2000|
Climate Change Technology Initiative:
$4.0 Billion in Tax Incentives
The President is proposing a new $4.0 billion package in tax incentives over five years to help reduce greenhouse gas emissions by spurring the purchase of energy efficient products and the use of renewable energy (see Table 2).
|Table 2. CCTI Tax Incentives ($ in Millions)||Revenue Effect|
|FY 2001||Total FY01-05|
|Homes and Buildings|
|Provide tax credit for energy efficient building equipment||-18||-201|
|Provide tax credit for new energy efficient homes||- 82||-633|
|Provide tax credit for solar energy systems||-9||-132|
|Extend tax credit for electric and fuel cell vehicles and provide tax credits for qualified hybrid vehicles||0||-2078|
|Extend tax credit for electricity produced from wind and closed- loop biomass; provide credits for open-loop biomass facilities and coal-biomass cofiring; and provide credits for methane from certain landfills||-91||-976|
|Provide 15-year recovery period for distributed power property||-1||-10|
|**Total may not add due to rounding.|
HOMES AND BUILDINGS
--Extend the current tax credit for electric vehicles and fuel cell vehicles. Under current law, a 10 percent credit, up to $4,000, is provided for the cost of qualified electric vehicles and fuel cell vehicles. The credit begins to phase down in 2002 and phases out in 2005. The President's proposal would extend the tax credit at its $4,000 maximum level through 2006.
--Tax credits for hybrid vehicles. The credit -- available for all qualifying vehicles, including cars, minivans, sport utility vehicles, and pickup trucks -- would range from $500 to $3,000 for purchases of a qualified hybrid vehicle from 2003 through 2006, depending upon the vehicle's design performance.
--Extend current closed-loop biomass credit. This proposal extends for 2.5 years the current 1.5 cent per kilowatt hour tax credit (adjusted for inflation after 1992), which covers facilities placed in service before January 1, 2002.
--Provide credits for open loop biomass facilities. This proposal expands the definition of biomass eligible for the 1.5 cent tax credit to include certain forest-related resources and agricultural and other sources for facilities placed in service from 2001 through 2005, and provides a 1.0 cent credit for electricity produced from 2001 through 2003 from facilities placed in service prior to January 1, 2001.
-- Provide a credit for cofiring biomass and coal. This proposal adds a 0.5 cent per kilowatt hour tax credit for electricity produced by cofiring biomass in coal plants from 2001 through 2005.
-- Provide credit for methane from landfills. This proposal adds a 1.5 cent per kilowatt hour credit for electricity produced from landfills not subject to EPA's 1996 New Source Performance Standards/Emissions Guidelines (NSPS/EG) and 1.0 cent per kilowatt hour for landfills subject to NSPS/EG. Qualified facilities would be facilities placed in service after December 31, 2000 and before January 1, 2006.
What's New - February 2000
From Digital Divide to Digital Opportunity
Creation of the Presidents Council on the Future of Princeville, North Carolina
Strengthening Cyber Security through Public-Private Partnership
The Clinton-Gore Economic Record
American Heart Month, 2000
Cyber Security Budget Initiatives
FY2001 Climate Change Budget
Climate Change Technology Initiative
Action To Ban Genetic Discrimination In The Federal Workplace
Statement on Low Income Home Energy Assistance
Helping Our Communities Save Precious Lands
Steps to Ensure Full Participation in Census 2000
New Report on Gun Violence in Public Housing
Fact Sheet: Income Eligibility for LIHEAP Assistance February 19, 2000
Clinton-Gore Administration Announces New Actions to Improve Patient Safety
President Clinton Takes Action to Help Low-Income Families to Get on the Road to Work
Helping to Build the New Economy - February 24, 2000
President Clinton Calls for Passage of His Historic FY2001 Native American Initiative - February 25, 2000
International Clean Energy Initiative
The Clinton-Gore Economic Record: Strong and Sustained Growth
Report On Gun Industry
Working to Mitigate the Effects of High Home Heating Oil Prices
New Steps To Reduce Youth Smoking
Supporting Passenger Rail for Our Nations Transportation Future
National African American History Month, 2000
New State-By-State Report Demonstrating Urgent Need for Medicare Reform
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