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Status of Production Tax Credit in Congress
Wind Energy PTC Snubbed In Congressional Talks On Tax Extenders
by Laura DiMugno on Thursday 14 June 2012
The Senate Finance Committee met this week to discuss the importance of extending expired or soon-to-expire energy tax provisions. Based on similar recent hearings, expectations were that the production tax credit (PTC) for wind energy would figure prominently in the talks.
Committee Chairman Sen. Max Baucus, D-Mont., led off the hearing hoping to spur a conversation on how reforming the tax code could reduce the nation's reliance on fossil fuels and add more wind power to the mix.
"We are still too reliant on fossil-based energy resources - 94 percent of the energy used in the transportation sector comes from oil," Baucus said in his opening remarks. "Only 10 percent of our electricity consumption is generated from renewable or clean energy resources. Our country needs a diverse energy sector like we have in my home state of Montana."
However, the two-hour discussion was dominated by talks about support for the oil and gas industries. One panelist - Harold Hamm, CEO of oil giant Continental Resources - defended tax breaks for oil, saying it gave the industry the opportunity to “try and fail, and try again.”
The wind industry, however, has not been afforded that opportunity...
by Laura DiMugno on Thursday 14 June 2012
The Senate Finance Committee met this week to discuss the importance of extending expired or soon-to-expire energy tax provisions. Based on similar recent hearings, expectations were that the production tax credit (PTC) for wind energy would figure prominently in the talks.
Committee Chairman Sen. Max Baucus, D-Mont., led off the hearing hoping to spur a conversation on how reforming the tax code could reduce the nation's reliance on fossil fuels and add more wind power to the mix.
"We are still too reliant on fossil-based energy resources - 94 percent of the energy used in the transportation sector comes from oil," Baucus said in his opening remarks. "Only 10 percent of our electricity consumption is generated from renewable or clean energy resources. Our country needs a diverse energy sector like we have in my home state of Montana."
However, the two-hour discussion was dominated by talks about support for the oil and gas industries. One panelist - Harold Hamm, CEO of oil giant Continental Resources - defended tax breaks for oil, saying it gave the industry the opportunity to “try and fail, and try again.”
The wind industry, however, has not been afforded that opportunity...
http://www.nawindpower.com/e107_plugins/content/content.php?content.9993
Senator To Push Congress Every Morning For Wind Energy PTC Extension
by NAW Staff on Wednesday 13 June 2012
Sen. Mark Udall, D-Colo., one of the most vocal congressional supporters of an extension of the production tax credit (PTC) for wind energy, is stepping up his PTC push.
Udall - who co-sponsored a bipartisan bill in March to extend the PTC for an additional two years - says he will open every morning's Senate session with a speech urging his colleagues to review and extend the PTC. He will also discuss how the PTC affects each state and the implications of failing to pass the tax credit.
"It is one thing for Congress to take the time to consider a new proposal and have an open, honest debate, but the production tax credit is widely supported, will create jobs and has already helped our economy grow," Udall said in a statement.
"Until Congress acts, businesses here and across the country will shed jobs and take our economy backward,” he added. “Americans have had it with dysfunction and inaction on Capitol Hill. It is unacceptable for Congress not to pass this commonsense and badly needed piece of legislation. I plan to remind my colleagues of that every morning until the production tax credit passes."
Udall noted that the PTC has helped attract clean energy businesses to invest in ...
by NAW Staff on Wednesday 13 June 2012
Sen. Mark Udall, D-Colo., one of the most vocal congressional supporters of an extension of the production tax credit (PTC) for wind energy, is stepping up his PTC push.
Udall - who co-sponsored a bipartisan bill in March to extend the PTC for an additional two years - says he will open every morning's Senate session with a speech urging his colleagues to review and extend the PTC. He will also discuss how the PTC affects each state and the implications of failing to pass the tax credit.
"It is one thing for Congress to take the time to consider a new proposal and have an open, honest debate, but the production tax credit is widely supported, will create jobs and has already helped our economy grow," Udall said in a statement.
"Until Congress acts, businesses here and across the country will shed jobs and take our economy backward,” he added. “Americans have had it with dysfunction and inaction on Capitol Hill. It is unacceptable for Congress not to pass this commonsense and badly needed piece of legislation. I plan to remind my colleagues of that every morning until the production tax credit passes."
Udall noted that the PTC has helped attract clean energy businesses to invest in ...
http://www.nawindpower.com/e107_plugins/content/content.php?content.9992
Microsoft, Sprint Urge Congress To Extend PTC For Wind Power
by NAW Staff on Wednesday 13 June 2012
Microsoft and Sprint have joined the push for an extension of the production tax credit (PTC) for wind energy.
The companies wrote a letter to congressional leaders, urging them to extend the PTC. Microsoft and Sprint are the largest "wind customer" companies to call on Congress to extend the PTC, ranking 37th and 90th, respectively, in the Fortune 500, according to the American Wind Energy Association.
They join 15 other major U.S. companies and consumer brands - including Starbucks, Nike, Campbell’s Soup, Staples and Yahoo! - which signed a similar letter in February.
“The PTC has enabled the wind industry to slash wind energy costs - 90 percent since 1980 - a big reason why companies like ours are buying increasing amounts of wind energy,” the letter states. “Failure to extend the PTC for wind would tax our companies and thousands of others like us that purchase significant amounts renewable energy and hurt our bottom line at a time when the economy is struggling to recover.”
The companies warned Congress that “eliminating the PTC will sharply increase prices for wind energy and particularly affect the many large and influential companies that are already committed to buying and using wind energy.”
According to the U.S. Environmental Protection Agency...
by NAW Staff on Wednesday 13 June 2012
Microsoft and Sprint have joined the push for an extension of the production tax credit (PTC) for wind energy.
The companies wrote a letter to congressional leaders, urging them to extend the PTC. Microsoft and Sprint are the largest "wind customer" companies to call on Congress to extend the PTC, ranking 37th and 90th, respectively, in the Fortune 500, according to the American Wind Energy Association.
They join 15 other major U.S. companies and consumer brands - including Starbucks, Nike, Campbell’s Soup, Staples and Yahoo! - which signed a similar letter in February.
“The PTC has enabled the wind industry to slash wind energy costs - 90 percent since 1980 - a big reason why companies like ours are buying increasing amounts of wind energy,” the letter states. “Failure to extend the PTC for wind would tax our companies and thousands of others like us that purchase significant amounts renewable energy and hurt our bottom line at a time when the economy is struggling to recover.”
The companies warned Congress that “eliminating the PTC will sharply increase prices for wind energy and particularly affect the many large and influential companies that are already committed to buying and using wind energy.”
According to the U.S. Environmental Protection Agency...
http://www.nawindpower.com/e107_plugins/content/content.php?content.9989
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