While on the campaign trail, Barack Obama made greening America’s infrastructure a huge priority for his administration. As noted in the Los Angeles Times, Obama planned
to spend $150 billion over the next decade to promote energy from the sun, wind and other renewable sources as well as energy conservation. Plans include raising vehicle fuel-economy standards and subsidizing consumer purchases of plug-in hybrids. Obama wants to weatherize 1 million homes annually and upgrade the nation’s creaky electrical grid. His team has talked of providing tax credits and loan guarantees to clean-energy companies.
His goals: create 5 million new jobs repowering America over 10 years; assert U.S. leadership on global climate change; and wean the U.S. from its dependence on imported petroleum.
He’s currently battling Congress for the appropriations required to turn his vision into reality, and the resistance from Capitol Hill raises once again a question that’s been bouncing around the office here for the last six months: why not revise the tax code to make wind, hydroelectric, solar and other renewable technologies “like-kind” with traditional fossil technologies? This would allow energy companies that wanted to transition into green energy to employ Section 1031 Like-Kind Exchanges, thereby speeding the switch-over considerably. Read more