After months of wondering whether or not the Production Tax Credit for wind energy would be extended or allowed to expire, word came from the White House this week that the credit was, in fact, extended through this year as part of the fiscal cliff deal. Here are the details.
* According to the White House, the Production Tax Credit will be extended through the end of the year via the American Taxpayer Relief Act, which was passed by the House of Representatives on Tuesday.
* Forbes reported that the credit gives a tax break of 2.2 cents for every kilowatt-hour of energy produced by wind.
* The American Wind Energy Association stated that the continuation of the tax credit is expected to save up to 37,000 jobs and create more over time, and to revive business at 500 manufacturing facilities across the country.
* According to the American Wind Energy Association, the extension covers all wind projects that start construction in 2013 — something the companies who manufacture and install wind turbines sought in order to allow for the 18-24 months it takes to develop a wind farm.
* Rob Gramlich, the American Wind Energy Association’s interim CEO, stated that the passage of the extension means “we can continue to provide America with more clean, affordable, homegrown energy, and keep growing a new manufacturing sector that’s now making nearly 70 percent of our wind turbines in the U.S.A.”
* A new record for wind energy was set in 2012, the American Wind Energy Association reported, with the installation of 44 percent of all new electrical-generating capacity in America.
* Had the Production Tax Credit not been extended, the association stated, about half of the American jobs in wind energy and hundreds of U.S. factories supplying products for wind energy would have been at stake.
* On Wednesday, Sen. Mark Udall, D-Colo., who has been an outspoken supporter of the tax credit, praised the extension, stating that it “gives manufacturers in Colorado and throughout North America the signal they need to create jobs, make capital investments in the United States, and ensure that wind energy remains a strong part of our national energy strategy.”
* Udall did, however, have criticism for Congress in delaying the credit extension, stating that the length of time it took to pass the measure resulted in industry uncertainty and layoffs.
* Congress now needs to work on passing a comprehensive energy plan, the senator stated.
* In addition to the Production Tax Credit, the Research and Experimentation tax credit was also extended, the White House reported .
Energy News Headlines – Yahoo! News
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