Dear Supporters:
Our nation is facing the most serious economic crisis since the Great Depression. To prevent this crisis from worsening, my colleagues and I voted last week to pass The American Recovery and Reinvestment Act of 2009. This bipartisan bill features important tax cuts and targeted investments that will create jobs, jumpstart economic growth, and move our nation toward a cleaner, more efficient energy future.
As you know, North Dakota ranks first in the nation in wind energy potential. We are also a major producer of biomass for fuel. The economic recovery bill increases tax incentives for both large-scale and residential wind turbines. It also creates a new tax credit for businesses that produce renewable energy products, and invests in alternative fuel infrastructure to expand the availability of home-grown fuels. And it provides $6 billion to strengthen the federal loan guarantee program for renewable energy and electricity transmission projects.
Additionally, the economic recovery bill allows us to more responsibly use our coal resources by providing more than $3.4 billion for carbon capture and sequestration projects. It also provides an estimated $25 million for the Weatherization Assistance Program in North Dakota, which helps hundreds of families across our state reduce their energy bills through home improvements.
These substantial investments in our energy future will not only stimulate the economy and put more Americans back to work, it will also strengthen North Dakota's booming energy industry. While I don't agree with everything in the bill, I believe it will provide a much-needed boost to our economy while taking important steps toward moving our nation closer to energy independence.
You can read more about The American Recovery and Reinvestment Act here.
Sincerely,
KENT CONRAD
United States Senate
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