Wind Energy is not as green as it appears. It costs the taxpayers billions and hurts everyone in the long run. KNOW your facts. Volunteer TODAY and make your voice heard and your life and community matter!

Wind Tax Credit 2012 to End

Wind Tax Credit 2012 to End

Nov 17, 2012

Wind Tax Credit 2012 to End?
Governors Lobby to Extend U.S. Wind Tax Credit Set to End

By Jim Snyder on November 13, 2012

Governors from states such as Iowa and Oregon with wind-energy industries urged Congress to extend a tax credit set to expire next month, warning of further job losses if lawmakers fail to act.

“We’re beginning to see a negative economic impact and loss of jobs in our states” because of uncertainty over the tax break’s future, Iowa Governor Terry Branstad, a Republican, said today at a Washington event.

Branstad is chairman of the Governors’ Wind Energy Coalition, a group of state leaders that supports extension of the credit, which shaves as much as a third off the costs of wind power.

The coalition sent lawmakers a letter yesterday saying a decline in wind-development orders was taking an economic toll. Siemens AG (SIE) laid off more than 400 workers from a factory in Fort Madison, Iowa, according to the letter.

The Senate Finance Committee approved a bill in August to extend the credit for a year. Wind producers now get 2.2 cents per kilowatt-hour generated for 10 years after the project begins. The 10-year credit in the Senate bill would cost about $12.2 billion, according to the Joint Committee on Taxation.

Some House Republicans have said the nation can’t afford to extend the credit amid a budget deficit.

Wind supporters said they would accept a phase-out of the credit.

“We know this is something that’s not going to last forever,” Branstad said.

Supporters said the credit’s fate may depend on whether President Barack Obama and congressional leaders can reach a deal on the fiscal cliff, the looming deadline when a series of tax cuts expire and automatic spending cuts kick in.

To contact the reporter on this story: Jim Snyder in Washington at jsnyder24@bloomberg.net

To contact the editor responsible for this story: Jon Morgan at jmorgan97@bloomberg.net

http://www.businessweek.com/news/2012-11-13/governors-lobby-to-extend-u-dot-s-dot-wind-tax-credit-set-to-end

See our list of Representatives and Senators who voted FOR THE PEOPLE and against Wind Power.

 

Leave a Reply