Tuesday President Obama signed the American Recovery and Reinvestment Act (H.R.1)
, which includes funding for
- Tax relief $288 B – includes $15 B for Infrastructure and Science, $61
B for Protecting the Vulnerable, $25 B for Education and Training and
$22 B for Energy, so total funds are $126 B for Infrastructure and
Science, $142 B for Protecting the Vulnerable, $78 B for Education and
Training, and $65 B for Energy. - State and local fiscal relief $144 B – Prevents state and local cuts to health and education programs and state and local tax increases.
- Infrastructure and Science $111 B
- Protecting the vulnerable $81 B
- Health care $59B
- Education and training $43 B
- Other $8 B
It provides funds to
- Create a framework for clean, efficient, American energy
- Transform our economy with science and technology
- Modernize roads, bridges, transit and waterways
- Overhaul education for the 21st Century
- Dispense tax cuts to make work pay and create jobs
- Expand access to healthcare and lower costs
- Provide assistance to workers hurt by the economy
- Save public sector jobs and protect vital services
According to the House-Senate conference report released by Nancy Pelosi, Speaker of the House of Representatives, H.R.1 allocates
- $30 billion for energy efficiency initiatives including the smart power grid and advanced battery technology
- $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.
- $580 million for the National Institute of Standards and Technology (NIST) for technology innovation and manufacturing standards programs.
Federal agencies can begin spending these funds almost immediately. They must begin reporting how stimulus funds are being used beginning March 3.
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