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U.S. Senate Finance Committee Passes PTC Extension Plan

Richard Rubin, Bloomberg
August 02, 2012  |  6 Comments

Print

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.

Lead image: Gavel and books via Shutterstock

6 Comments

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jon gomez
jon gomez
August 17, 2012
Dumb ass bitch ^^
Sherry Hellmuth
Sherry Hellmuth
August 9, 2012
Donald, in all caps END SUBSIDIES--YES, that means all subsidies--government has no business picking the winners and losers and obama's record has been one of the worst. And, Donald, since we use about about 15 x more fossil fuels to generate electricity I'd say we've been getting a rotten deal on the wind subsidies from an output/production point of view. But rather than comparing apples to oranges, look at the subsidies on per mwh basis and you'll find that wind gets $52.35 compared to coals paltry .63 cents per mwh. You should do some reasear, too Donald. All you greenies think of is free wind --it's not free, it doesn't reduce the concentration of co2, we've subsidized it far too long and as a matter of fact, wind has been around as a generation source for 125 years, yet, it is still no more mature in terms of the industry and what it can produce. Consumers can't take the increase in electricity rates that come from forcing wind with the nonsense rps and we certainly don't want the loss in jobs that comes because a) businesses paying more for electricity because of wind/subsidies must reduce their workforce to remain in business b) coal and rail jobs that disappear on a 3:1 ratio for every job in wind. It's a no-win for this country--Why do you think European countries aren't subsidizing and now we have all the foreing companies over here taking our American tax dollars? It's because of people like you who think you know what's better for me and the rest of us. Oh, and Donald how about the ton of rare earth elements required for each turbine and the fossil fuels required in the manufacture and runniong and maintenance of each turbine. Open your eyes, you're being scammed and you don't even know it.
Donald Kinda
Donald Kinda
August 9, 2012
shweey-hellmouth: Do you mean all energy subsidies, all subsidies, or only wind/solar?
You appear not to know what you're talking about, misreading the article to think that wind/solar are getting $205B! That is a WRONG reading! Before you vote again, you should do some research- you'll find govt. subsidizes Oil & Coal at more than 10 times the amount of wind/solar, and has been doing it WAY longer than any wind/solar subsidies. Wind/solar is not a farce, you are.
Sherry Hellmuth
Sherry Hellmuth
August 9, 2012
Wind "energy" is a farce and has been for over 30 years. When will people use common sense and see that subsidizing wind/solar to the tune of $205 billion we cannot afford is WRONG. Let private investment fund wind (and we all know that won't happen because it is not viable from any point of view. These republicans on the finance committee better be watching the next election because We The People are finding more and more true conservatives to elect who will END SUBSIDIES.
William Fitch
William Fitch
August 6, 2012
Hi: Its not that it is the Republicans, it is who ever O&G has bought off. There is allot more payoffs going on to the Red side, but Blue's are hardly out of the equation. O&G and the multi-nationals own the government, not the common Joe.... But with that said, as long as the common Joe's allow themselves to be swayed by the moronish output of the politicians and the Political PAC money garbage commercials, the common Joe must share some of the blame, for their current 'lot in life' regarding governmernt.

.....Bill
Donald Kinda
Donald Kinda
August 3, 2012
Why do Republicans hate solar industry jobs?

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