Project Development, Wind Power

US Lawmakers Urge Extension of Renewable Tax Credits

Several dozen members of the House of Representatives, mostly Democrats along with some Republicans, have urged House Speaker John Boehner (R-Ohio) to help extend the Production Tax Credit (PTC) and the Investment Tax Credit (ITC) that benefits wind power.

“The industry is responsible for $105 billion of investment in the U.S. economy since 2005, while driving down the cost of wind power by 43 percent in the last four years alone,” according to the March 21 letter to Boehner.

The ITC and PTC 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,” according to the letter.

“We urge Congress to pass an extension of the PTC and ITC under current law as soon as possible to avoid layoffs and divestment,” the lawmakers say in the letter. “Thank you for taking our views into consideration as you work on tax legislation in 2014.”

Prominent Republicans signing the letter include David Loebsack and Steve King, both of Iowa.

This article was originally published on GenerationHub and was republished with permission.

Lead image: Capitol building via Shutterstock