The bill is expected to be signed by President Barack Obama later today.
Although a copy of the exact legislation passed by a 277-148 vote in the House was unavailable Friday morning, early reports indicate that late attempts by House Democrats to modify the bill failed and that incentives for the renewable energy contained in the bill mirrored those passed by the US Senate two days ago.
These include a program that offers renewable energy entrepreneurs money grants worth up to 30 percent of the cost of building new facilities in lieu of an investment tax credit.
The program was established in the 2009 economic stimulus package after lenders who had been supporting the renewable energy sector abruptly abandoned it amid the global financial crisis.
Also apparently surviving House deliberations of the bill was a one-year extension of a tax credit for the ethanol industry. The program provides a 45-cent subsidy for every gallon of ethanol blended into gasoline.
Watch this space for additional details on the US House bill, if warranted, once the full text begins to circulate.
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