A new bill introduced in the U.S. House of Representatives, known as Investing to Modernize the Production of American Clean Energy and Technology Act of 2012 (IMPACT Act), would end $44.8 billion in subsidies for oil companies to pay for extending the production tax credits for electricity produced from renewable sources; providing incentives for offshore wind, energy efficiency, electric, natural gas and fuel cell vehicle pumps, heavy duty natural gas vehicles and domestic clean energy manufacturing; extending the 1603 Renewable Energy Grant Program; and increasing the electric vehicle tax credit. For more, read a summary fact sheet of the bill here and the full text of the legislation here.