The American Recovery and Reinvestment Act of 2009, which in its current House version has a price tag of $825 billion, carries plenty of provisions that will give a boost to the technology industry and create some new opportunities – but will it work?

The recovery package carries a $10 billion investment in scientific research, including investments at the National Science Foundation and the National Institute of Standards and Technology. The package also includes nearly $40 billion in investments in America’s IT network infrastructure (including broadband, health IT and a smarter energy grid).

The tech requests could result in more than 900,000 jobs in 2009, according to a study that the Information Technology and Innovation Foundation produced for President Barack Obama’s transition team.

Obama stated his intention to invest in these areas during the debates in September and came back to the issue in December, as president-elect, with more concrete goals.

"It’s a plan that will save or create 3 to 4 million jobs over the next few years," he said, adding that it’s more than a plan to boost short-term employment. "It’s one that will invest in our most important priorities, like energy and education; health care and a new infrastructure that are necessary to keep us strong and competitive in the 21st century."

The bill’s reported tally of $825 billion in spending works out to about $8,800 per U.S. family, or $2,800 per person in the United States.

If you care to see the entire piece of , get ready for a lengthy read – 647 pages to be exact.

Among the details, the plan aims to modernize 10,000 schools, thus creating "state-of-the-art classrooms, libraries and labs" for 5 million pupils. The plan also hopes to spur students on to careers in science by tripling the number of undergraduates and graduates studying in this area.

Renewable energy also is a focus. The plan aims to double energy-generating capacity over three years so that 6 million homes are powered by renewable means. It plans to modernize the electricity grid and install 40 million "smart meters" in American homes.

And, the plan addresses accelerated adoption of health IT systems.

Some of the bill’s other highlights include:

  • $400 million to help state and local governments purchase efficient alternative-fuel vehicles to reduce fuel costs and carbon emissions
  • $6 billion for broadband and wireless services in underserved areas
  • $650 million to continue the coupon program to enable American households to convert from analog television transmission to digital transmission
  • $400 million to replace the 30-year-old Social Security Administration’s National Computer Center to meet growing needs for processing retirement, disability claims and records storage
  • $1 billion for 21st-century classrooms, including computer and science labs and teacher technology training

More than 100 high-tech CEOs and business leaders have endorsed these IT investments and stated that this $40 billion investment alone will create more than 949,000 U.S. jobs, more than half of which will be in small businesses.

Unprecedented accountability and transparency measures are built in this plan to help encourage tax dollars to be spent wisely.

The economy is in such trouble that, even with passage of this package, unemployment rates are expected to rise to between 8 and 9 percent this year. Without this package, we are warned that unemployment could explode to near 12 percent.

The House began general debate on the American Recovery and Reinvestment Act on Tuesday. The House will consider amendments, and the bill is all but certain to clear its first hurdle with a vote on the current version.

Republican support, however, is in doubt when voting reportedly takes place Wednesday.