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U.S. Senate Finance Committee Passes PTC Extension Plan

U.S. Senate Finance Committee Passes PTC Extension Plan

The U.S. Senate Finance Committee voted to extend dozens of tax breaks, including those for wind energy, corporate research and financial services companies' overseas operations.

The $205 billion tax package was the result of a bipartisan deal struck by Sen. Max Baucus, D-Mont., and Sen. Orrin Hatch, R-Utah. Even though the bill has cleared the Finance Committee, it's unlikely that it will be taken up immediately by the Republican-led House of Representatives once Congress returns in September. That means the bill likely will not face a full House vote until after the Nov. 6 election.

There are, however, political implications. Just this week, presumptive Republican nominee Mitt Romney came out against extending the PTC beyond this year. That could weaken his position among key Republicans, and it could serve as a central issue in swing states like Iowa and Colorado, where wind energy and the jobs it creates have wide bipartisan support.

Copyright 2012 Bloomberg. This story includes information from RenewableEnergyWorld.com.

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