U.S. Senators Mark Udall (D-Colo.) and Chuck Grassley (R-Iowa) pressed the U.S. Senate Finance Committee today to swiftly include extensions of the bipartisan and job-creating investment tax credit...
U.S. Senators Mark Udall (D-Colo.) and Chuck Grassley (R-Iowa) pressed the U.S. Senate Finance Committee today to swiftly include extensions of the bipartisan and job-creating investment tax credit and production tax credit for wind energy in an upcoming tax-extenders package. Udall and Grassley's letter, cosigned by 24 of their colleagues, cites the thousands of jobs the two tax credits support and the role wind energy is playing in producing clean, renewable energy in nearly every state across the nation.
The production tax credit and investment tax credit, which both support on-shore and off-shore wind-energy developments, expired at the end of 2013.
"The American wind industry's growth, its cost competitiveness and its creation of American jobs have been partially driven by successful, bi-partisan federal tax policy, namely the PTC and the ITC," the senators wrote in the letter. "Unfortunately, as you know, these credits expired at the end of 2013. Like all businesses, the wind industry seeks certainty and predictability so that long term project decisions and investments can be made. Without that stability, we once again risk losing many of the jobs, infrastructure and investment that the wind industry has created. Furthermore, we risk weakening our national energy security by failing to foster such an important source of clean, domestic energy."
A bipartisan coalition of 118 members of the U.S. House of Representatives sent a similar letter today to the House Committee on Financial Services.
Udall and Grassley have led the bipartisan effort to extend wind-energy tax credits. They rallied their colleagues during the previous session of Congress and successfully extended the wind production tax credit after months of speeches and outreach.