The American Jobs Plan : Biden Administration unveils $2 trillion proposal for infrastructure | Hogan Lovells jdsupra.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from jdsupra.com Daily Mail and Mail on Sunday newspapers.
31 March 2021 19:24 GMT Updated 31 March 2021 22:36 GMT
US President Joe Biden is proposing a ten-year extension of federal tax credits for renewables and energy storage technology and creation of a “targeted” investment tax credit (ITC) to spur construction of at least 20GW of high-voltage power lines as part of a $2.3trn infrastructure plan.
“It’s not a plan that tinkers around the edges,” Biden said during a speech in Pittsburgh. “It’s a once-in-a-generation investment in America.”
The eight-year
American Jobs Plan reaffirms his administration will set the country on a path toward a carbon-free electric grid by 2035 with a new clean-energy standard mandating a timetable to achieve this.
Nine Ways Biden’s $2 Trillion Plan Will Tackle Climate Change
Biden’s infrastructure proposal includes climate action that could benefit every Congressional district and lure Republican support.
March 31, 2021
President Joe Biden speaks in Pittsburgh, Pennsylvania, on March 31, 2021. Biden will unveiled a $2 trillion infrastructure plan in Pittsburgh. Credit: Jim Watson/AFP via Getty Images
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In his “American Jobs Plan,” President Joe Biden aims to achieve unprecedented investment in action to address climate change by wrapping it in the kind of federal spending package that has allure for members of Congress of both parties.
The $2 trillion proposal holds out the promise of federal dollars for every Congressional district that has roads, bridges, water pipes, housing, transit systems, leaking oil wells or other infrastructure in need of upgrade and repair in other words, most of the country. The only catch is that the money is meant for transf
U.S. President Joe Biden s American Jobs Plan includes $100 billion in spending on the nation s aging power infrastructure.
Source: Justin Sullivan/Getty Editorial via Getty Images
U.S. President Joe Biden s $2 trillion infrastructure and energy plan would dramatically reshape the nation s energy landscape by offering new tax incentives for clean energy, electric transmission projects, and carbon capture and storage technology.
However, industry experts cautioned that the huge proposal, which Biden envisions financing largely through major changes to the corporate tax code, will likely need to win unanimous Democratic support in the narrowly divided U.S. Senate.
Unveiled March 31 as the American Jobs Plan, it will also need to overcome opposition from the U.S. oil and gas sector, which stands to lose under the plan s heavy emphasis on electric vehicles and charging infrastructure, analysts said. And some former government officials also questioned the wisdom of creating new gover
Published: Thursday, April 1, 2021
President Biden speaking in Pittsburgh. Photo credit: AP Photo/Evan Vucci
President Biden delivers a speech on his sweeping $2 trillion infrastructure plan at the Carpenters Pittsburgh Training Center yesterday afternoon in Pittsburgh. AP Photo/Evan Vucci
President Biden pledged to rebuild the backbone of America yesterday, pitching a massive $2 trillion plan to accelerate his efforts to tackle climate change, including a national clean energy standard and a carbon-free electric grid. It s not a plan that tinkers around the edges, Biden said at a union hall in Pittsburgh. It s a once-in-a-generation investment in America. Unlike anything we ve seen or done since we built the Interstate Highway System and the space race decades ago.