What the Economic Stabilization Bill Means to You
The recently passed Emergency Economic Stabilization Act of 2008 (P.L. 110-343) included, extended and/or amended many consumer tax incentives originally introduced in the Energy Policy Act of 2005 (EPACT). The bill also included tax incentives for businesses, utilities, and government. For a complete summary of the tax incentives included in the bill, read the summary of Energy Tax Incentives in The Emergency Economic Stabilization Act of 2008.

About Tax Credits
A tax credit is generally more valuable than an equivalent tax deduction because a tax credit reduces tax dollar-for-dollar, while a deduction only removes a percentage of the tax that is owed. Consumers can itemize purchases on their federal income tax form, which will lower the total amount of tax they owe the government.

Fuel-efficient vehicles and energy-efficient appliances and products provide many benefits such as better gas mileage – meaning lower gasoline costs, fewer emissions, lower energy bills, increased indoor comfort, and reduced air pollution.

In addition to federal tax incentives, some consumers will also be eligible for utility or state rebates, as well as state tax incentives for energy-efficient homes, vehicles and equipment. Each state’s energy office web site may have more information on specific state tax information.

Below is a summary of many of the tax credits available to consumers. Please see the ENERGY STAR®'s Federal Tax Credits for Energy Efficiency for complete details.

The United States government is investing in a diverse portfolio of energy technologies with the potential to yield substantial reductions in emissions of greenhouse gases. Given the considerable lead times for energy technology development, deployment and commercialization, investment in these technologies must be made today. With the establishment of the Climate Change Technology Program (CCTP) the U.S. continues to be a leader in climate technology research and development.

Reduction Initiatives
EPA plays a significant role in encouraging voluntary reductions from large corporations, consumers, industrial and commercial buildings and many major industrial sectors.

Clean Energy-Environment State Partnership 
The Clean Energy-Environment State Partnership Program is a voluntary state-federal partnership that encourages states to develop and implement cost-effective clean energy and environmental strategies.

Green Building Research Funding: An Assessment of Current Activity in the United States, a report published by the U.S. Green Building Council (USGBC) in March, 2007, found that research related to high-performance green building practices and technologies amounts to only 0.2% of all Federally funded research – an average of $193 million per year (2002-2005) and only 0.02% of the estimated value of annual U.S. buildings construction. In response to these findings, the USGBC Research Committee has prepared this position statement calling for a significantly higher level of funding for research that will advance building technology and techniques that minimize environmental and human health impacts.¹ 

Rationale
The built environment plays a substantial role in the environmental health, human welfare and economic stability of the United States. Building operation consumes 40% of U.S. energy and 71% of the electricity², 12% of the water,³ and rapidly increasing quantities of land. Building demolition, construction and renovation generate over 35% of non-industrial waste⁴. Buildings can also create health problems; indoor air pollutants are at concentrations typically between two and five—and occasionally more than 100—times greater than those of outdoor air⁵. Building operation accounts for 38% of the country’s carbon dioxide emissions.⁶
The building industry represents the largest economic sector in the U.S. and the second largest manufacturing sector. In commercial buildings, the high costs associated with salaries, healthcare, recruitment and retention of employees point to the economic benefits of improved indoor environmental conditions.