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Biden Plans $5 Billion in Cleantech Tax Credits

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December 18, 2009

Vice President Joe Biden intends to propose an additional $5 billion in tax credits to support clean energy technologies, building on the $2.3 billion in green energy tax credits included in the Recovery Act.

Biden called the earlier tax credits an “overwhelming success,” according to Politico.com. The program was oversubscribed and the administration said it was inundated with qualified applicants.

The extra $5 billion is expected to support another $15 billion in capital investment. However, the administration’s increasing willingness to take the lead on cleantech investments is prompting traditional players such as venture capital firms to take more of a wait-and-see attitude.

The imprimatur of government funding is giving companies a boost and extra credibility when the companies go asking for VC financing. However, that also means that entrepreneurs must attract the interest not only of VCs these days, but government bureaucrats as well.

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