The proposed $4 trillion budget submitted by President Obama this week to Congress includes $7.4 billion for clean energy technology programs and other environmental matters. This amount, which is an increase of 7.2 percent over the current environmental funding, includes moderate funding increases for the EPA and Department of the Interior.
The proposed budget eliminates oil and gas tax breaks while making renewable energy tax breaks permanent. The specific renewable energy tax breaks which would become permanent are the Production Tax Credit for the wind energy industry and the Investment Tax Credit for the solar industry.
In addition, the proposed budget offers a $4 billion fund for states that exceed the minimum requirements for reducing emissions under the Clean Power Plan. The $4 billion fund could be used by states to finance clean energy technology, establish funds for low-income communities facing disproportionate impacts from environmental pollution, and create incentives for businesses to back projects to reduce greenhouse gas emissions.
The Clean Power Plan proposed rules are being developed by the EPA. The draft Clean Power Plan was released in June 2014. It establishes state-by-state targets for reductions in carbon emissions, and offers a framework under which states can meet their targets. The standards are expected to be finalized in summer 2015 and will establish rules for existing power plants in states, Indian Country, and U.S. Territories. The rules will also establish carbon pollution standards for new, modified, and reconstructed power plants. States will have until mid-year 2016 to submit compliance plans to the EPA.
For further updates, stay tuned to this blog, or contact Toni Ellington at (504) 599-8500.
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