Wednesday, October 8, 2008

$700 Billion Bailout Helps the Environment Too

With the ups and downs of Wall Street and bank closings topping the news every night it's easy to see why millions of Americans think the $700 billion financial bailout bill is going only to the banks and Wall Street but, the reality is, the bill is targeted at almost everyone across this country from teachers to cattle ranchers and even the environment.

The new bill, passed last week, creates and extends tax credits and incentives for businesses large and small. The incentives for renewable and green energy extend investment credits for solar energy, as well as breaks for wind, geothermal and other alternative sources for another eight years. According to the solar industry by extending the credits through 2016 an additional 440,000 jobs will be created and more than $230 billion in investments as well as encouraging growth in the renewable energy market.

If you decide to buy an electric vehicle you could receive a tax credit ranging of up to $7,500. If you bike to work your employer can exempt from taxation what they spend on some of the fringe benefits for workers who commute by bicycle (e.g. reimbursing the cost of parking the bikes.)

So whether or not you believe the fiscal bailout bill was a good idea or bad, know that at least, in the long run, some good will come of it.

Photo by Bruce McAdam.

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