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• The energy efficiency equipment standards • The repeal of oil and gas tax incentives Additionally, the legislation authorized the DOE to establish an incentive program consisting of both grants and direct loans to support the development of advanced technology vehicles and associated components in the United States. Impacts on Industry and the Economy EISA 2007 was the first enacted bill to “increase vehicle fuel efficiency significantly since 1975 and the first economy wide bill to address global warming since scientists raised the alarm in the late 1980s.”23 The bill had a measurable impact on the farming and automobile industries, wind and solar energy developers, and environmental groups. Some considered EISA 2007 a major setback for the automobile industry because it mandated new fuel efficiency standards.24 High oil prices and concerns about U.S. dependence on imported petroleum, however, overcame business concerns over the new fuel efficiency standards, and created widespread support in Congress. Further, the mandated renewable fuel standards would benefit farm states because of the provision calling for of the use of 36 billion gallons a year of corn-based ethanol and other biofuels by 2022. Wind, solar, and environmental groups protested the removal of the original bill’s tax package and renewable portfolio standard, and requested tax credit and incentive extensions to help them complete major planned projects. Daniel J. Weiss, senior fellow and director of climate strategy at the Center for American Progress, expressed a common sentiment among renewable energy representatives, saying the Senate had given the green light to more-efficient cars and renewable fuels but gave a red light for renewable electricity from wind, solar, and other clean sources.25 Energy Improvement & Extension Act of 2008 President Bush signed H.R. 1424, the Emergency Economic Stabilization Act of 2008, on October 3, 2008, in an attempt to stabilize the struggling U.S. economy.26 This included a notable piece of energy legislation, the Energy Improvement and Extension Act of 2008 (EIEA2008), targeted at stimulating the energy technologies sector with particular focus on renewable energy technologies. Key provisions were incorporated to continue and expand incentives for energy production and conservation efforts, as well as to provide tax relief for those investing in certain energy technologies that aid in U.S. efforts toward a more sustainable energy economy. EIEA2008 specifically targeted the Internal Revenue Code of 1986 that created tax incentives for investment in and power generation from renewable energy sources. The act extended key tax credits and incentives for those who invest in certain energy technologies.27 While this could arguably serve to stimulate the green jobs market, it is 127PDF Image | Shaping Energy Technology Transition
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