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November 2010

Tax Incentives of Going Green

The current economic climate has spurred unprecedented interest and investment in “green” or renewable energy systems. While renewable energy is not a new concept, its recent popularity stems from its potential to produce jobs and spur economic growth. Passed in February 2009, the American Recovery and Reinvestment Act (see www.recovery.gov/?q=content/act) included significant renewable energy provisions. Since then, the nation's unemployment rate has continued to rise; it is currently at 9.6%, with states such as Michigan and Rhode Island reaching peaks as high as 14.9% and 13.4%, respectively, according to the U.S. Department of Labor Bureau of Labor Statistics. As the misfortune has spread, pundits have been calling for government intervention. The Obama administration has responded with talk of further environmental regulations, such as a “cap and trade” program and taxes on carbon emissions.

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