DOE increases funding for clean and renewable energy in 2016 budget request

0
- By:

Courtesy of Bergeson & Campbell, P.C.

On February 2, 2015, the White House released the 2016 fiscal year budget request for the U.S. Department of Energy (DOE). Under this proposed plan, DOE would receive $29.9 billion, an increase of $2.6 billion from the 2015 fiscal year. The increase in funding for DOE would focus on renewable energy, energy efficiency, and clean power technology with some of the additional money coming from DOE's fossil fuel programs. A total of $7.4 billion of the funding would go specifically towards clean energy technology, including renewable and biobased developments. The budget request would also make the renewable energy production and investment tax credits permanent. In addition to making the existing tax credits permanent, new credits were proposed that will focus on carbon capture, utilization, and storage technologies. In contrast to the proposed additional tax credits for renewables, existing tax incentives for the oil, gas, and coal industries would be repealed. The current budget request is unlikely to pass in the House of Representatives, but shows the focus on renewable energy that the current Administration holds.

Customer comments

No comments were found for DOE increases funding for clean and renewable energy in 2016 budget request. Be the first to comment!