WASHINGTON, DC (January 2, 2013) Congress approved legislation to deal with expiring tax rates, tax credits and unemployment insurance. The legislation includes a one-year extension and vital modification of project eligibility of the Production Tax Credit (PTC) a 2.2 cent per kilowatt tax credit for the production of electricity from utility scale wind turbines, and a similar extension of the Investment Tax Credit (ITC) for offshore wind. Over the past year, failure to act on the PTC and ITC has resulted in the loss of hundreds of direct wind industry jobs in communities across the country.
Congresswoman Marcy Kaptur (OH-9) voiced her support for the extension saying, “The tax compromise was all about protecting America’s middle class families. With the extension of the Wind Production Tax Credit, 75,000 American workers will go in to work today knowing that their jobs are safe. And, with every new megawatt of power they install this year, we are continuing to build a more secure, sustainable energy future for our nation.”
BlueGreen Alliance Executive Director, David Foster released the following statement:
“This is long-awaited good news for the wind industry that will help to put furloughed workers back on the job and rev up production in wind industry manufacturing facilities. Extending the PTC for wind and ITC for offshore wind is long overdue action that’s caused unnecessary stress on the economy and job creation. Americans overwhelmingly support investing in sources of renewable energy such as wind, which is why we need a longer-term extension of these tax credits.
“Wind energy has been a bright spot for the economy as we continue on the road to recovery. Over the next year, Congress must develop a comprehensive energy policy that lays out a clear, long-term path forward to foster both short and long-term investments in renewable energy. Now that we have this agreement, Americans are anxious to get back to building a fair, more sustainable economy for the 21st Century that puts America on a path toward towards prosperity, economic and environmental sustainability for today and tomorrow.”