On October 3, 2008, the President signed the ?Emergency Economic Stabilization Act of 2008? (the ?Act?) into law. Congressional negotiators inserted a number of tax provisions into the Act as part of an effort to keep the legislation from looking like a gift to Wall Street. In addition to the financial rescue package, the Act contains a number of tax provisions that derive from the House-passed H.R. 6049, the Renewable Energy and Job Creation Act of 2008, including a number of tax incentives for renewable energy. The clean-energy tax provisions in the Act, which total approximately $18 billion, provide tax incentives for energy production and conservation, extend expiring tax provisions relating to such incentives, and extend tax benefits to individual and business taxpayers. These provisions generally take effect for periods after the enactment of the Act and for taxable years after such date. The following is a summary of the clean-energy incentives included in the Act that are most relevant to Cleantech businesses.

See full legal update for more information.