White House looks to tripple clean energy tax credit

In Washington, DC, the White House proposed to add $5 billion to the clean energy tax credit, raising the cap of the present program, enacted in February from $2.3 billion. The proposal, which came out of the office of Vice President Joseph Biden, is another the administration effort to encourage investment in wind, geothermal and solar energy and to ease joblessness in the US. Administration officials cited the success of the initial program, which received some 600 acceptable applications from companies. However, lack of funds meant that not all of them could be approved. The tax credit provides tax breaks to manufacturers who invest in clean energy technology.