Here's a summary of the renewable energy provisions in the recently passed Stimulus bill compiled by ACORE.  The full text can be found at: http://www.acore.org/files/images/email/acore_stimulus_overview.pdf

Most notable for some consumers is that the bill increases the tax credit for qualified plug-in electric drive vehicles for the first 200,000 placed in service. The base amount of the credit is $2500. Batteries with at least 5 kilowatt hours of capacity have a credit of $2917. The credit cannot exceed $5000

American Recovery and Reinvestment Act of 2009

The Congress has passed and the President has signed the American Recovery and Reinvestment
Act of 2009 into law. This massive $800 billion spending bill, being truly unprecedented in
modern times, will drive new national strategies in renewable energy, smart grid, transmission,
advanced vehicles, energy efficiency, and many other aspects of energy, environment, climate
and sustainability that were at the heart of the 2008 Presidential election.
This memorandum provides ACORE members with a summary of the new program.
The full text of the tax provisions in the stimulus package can be found here.
http://thomas.loc.gov/home/h1/Recovery_Bill_Div_B.pdf
The full text of the appropriation provisions in the stimulus package can be found here.
http://thomas.loc.gov/home/h1/Recovery_Bill_Div_A.pdf

Tax Incentives
Three-Year Extension of PTC: The bill provides a three-year extension of the Production Tax
Credit (PTC) for electricity derived from wind facilities through December 31, 2012, as well as
for geothermal, biomass, hydropower, landfill gas, waste-to-energy and marine facilities through
December 31 2013.

Investment Tax Credit (ITC) Accessible to All Renewable Energy: The bill provides project
developers of wind, geothermal, biomass and other technologies eligible for the PTC, the option
of instead utilizing the 30% ITC that previously only applied to solar and other clean technology
projects.

Repeals Subsidized Energy Financing Limitation on ITC: The bill would allow businesses
and individuals to qualify for the full amount of the ITC, even if their property is financed with
industrial development bonds or other subsidized energy financing.

Grant Program in Lieu of Tax Credits: The bill allows project developers to apply for a grant
from the Treasury Department in lieu of the ITC. The grant will be equal to 30% of the cost of
eligible projects that start construction in 2009 or 2010. It will be issued within sixty days of the
facility being placed in service or, if later, within sixty days of receiving a grant application.iv
Increases Credit for Alternative Fuel Pumps: The bill increases the size of credits for
installing alternative fuel pumps at gas stations from 30 to 50% ($30,000 to $50,000) for taxable
years 2009-2010.

Advanced Energy Manufacturing Credits: The bill provides $2 billion worth of energyrelated
manufacturing investment credits at a 30% rate.vi These credits apply to projects creating
or retooling manufacturing facilities to make components used to generate renewable energy,
storage systems for use in electric or hybrid-electric cars, power grid components supporting
addition of renewable sources, and equipment for carbon capture and storage (CCS).

Plug-in Electric Drive Vehicle Credit: The bill increases the tax credit for qualified plug-in
electric drive vehicles for the first 200,000 placed in service. The base amount of the credit is
$2500. Batteries with at least 5 kilowatt hours of capacity have a credit of $2917. The credit is
further increased by $417 for every kilowatt hour in excess of 5 kilowatt hours, but cannot
exceed $5000.The credit is allowed to be taken against the alternative minimum tax (AMT).

Five Year Carry-Back Provision for Operating Losses of Small Businesses: The bill would
extend the carry-back period for net operating losses (NOL) from two to five years for tax years
2008 and 2009.x An eligible NOL includes the NOL for any taxable year ending in 2008 or if
the taxpayer chooses, any taxable year beginning in 2008. An election under this provision may
only be taken for one taxable year.

Extends Bonus Depreciation: The bill extends, through 2009, the temporary increase of bonus
depreciation to 50% that Congress enacted last year. These write offs can be applied to capital
expenditures ranging from $250,000 to a newly increased threshold of $800,000.

Direct Spending
Total Direct Spending for Renewable Energy and Energy Efficiency: The bill provides $16.8
billion in direct spending for renewable energy and energy efficiency programs over the next ten
years.

Grid Development: The bill provides $4.5 billion to modernize the nation's electricity grid with
smart grid technology.xiv The bill increases federal matching grants for the Smart Grid
Investment Program from 20% to 50%.

R&D, Demonstration Projects: The bill provides $2.5 billion for renewable energy and energy
efficiency R&D, demonstration and deployment activities.

Federal Power Marketing Administrations: The bill provides $6.5 million for capital
investments by certain federal power marketing administrations in electric power transmission
systems.

Advanced Battery Grants: The bill provides $2 billion for grants for the manufacturing of
advanced batteries and components. This includes the manufacturing of advanced lithium ion
batteries, hybrid electrical systems, component manufacturers, and soft-ware designers.

Defense Energy and Efficiency Programs: The bill provides $300 million to the DOD for the
purpose of research, testing and evaluation of projects to energy generation, transmission and
efficiency.xix The bill provides an additional $100 million for Navy and Marine Corps facilities
to fund energy efficiency and alternative energy projects.

Study of Electric Transmission Congestion: The bill requires the Secretary of Energy to
include a study of the transmission issues facing renewable energy in the pending study of
electric transmission congestion that is due to be issued in August 2009.

Bond and Loan Programs
Clean Energy Renewable Bonds (CREBs): The bill provides $1.6 billion of new clean energy
renewable bonds to finance wind, closed-loop biomass, open-loop biomass, geothermal, small
irrigation, hydropower, landfill gas, marine renewable, and trash combustion facilities. Onethird
of the authorized funding will be available for qualifying projects of state/local/tribal
governments, one-third for public power providers and one-third for electric cooperatives.

Renewable Energy Loan Guarantee Program: The bill provides $6 billion for a temporary
loan guarantee program for renewable energy power generation and transmission projectsxxiv
that begin construction by September 30, 2011.xxv Up to $500 million of the overall $6 billion
can be used for the development of leading edge biofuels that have been demonstrated and have
commercial promise to substantially reduce greenhouse gas emissions.