U.S. Representative Randy Forbes (R-Va.) has reintroduced legislation that would challenge the United States to reach 50% energy independence in 10 years and 100% energy independence in 20 years.
House Resolution 513, which Forbes calls the "New Manhattan Project," would bring together scientists and researchers in a competitive format to reach seven energy goals. The project would award cash prizes to the first group, school, team, or company that reaches each of the following goals
- Double Corporate Average Fuel Economy standards to 70 miles per gallon while keeping vehicles affordable
- Cut home and business energy usage in half
- Make solar power work at the same cost as coal
- Make the production of biofuels cost-competitive with gasoline
- Safely and cheaply store carbon emissions from coal-powered plants
- Safely store or neutralize nuclear waste
- Produce usable electricity from a nuclear fusion reaction.
In addition, the bill sets aside funding for grants to individual researchers, groups, educational institutions or businesses to help share the cost of work toward achieving the goals.
Forbes originally introduced the New Manhattan Project in the previous session of Congress.
In the Senate…
The U.S. Senate on Friday voted for more generous tax breaks for the purchase of electric vehicles and smart grid equipment.
By voice vote, Senators added the measures to the economic stimulus package currently under consideration.
They doubled from 250,000 to 500,000 the number of plug-in vehicles that would qualify for a tax credit of up to $7,500. Also, utilities would be able to depreciate investments in smart meters over five years instead of 10 years, making the equipment more economical.
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Given that the Federal Government will be sopping up all available credit in sight for the next four years to fund their bailout packages – where does Rep. Randy Forbes think the capital is going to come from to fund the New Manhattan Project?
If the Federal Government has to give out tax breaks, the best tax breaks would be to remove excessive taxes on businesses. Then businesses could invest in technologies of the future instead of having to fork over their dough to freeloaders looking for government handouts.