Tax Credits Now
20.05.12
SUPPORT FOR RENEWABLE ENERGY is critical to American businesses, consumers, our national security and our environment. Investing in our budding clean energy businesses is vitally important for the American economy because it creates jobs, curbs our dangerous dependence on foreign oil, and creates the market certainty that fuels continued growth in the renewable energy sector.
Federal energy tax incentives are the primary energy policy that ensures the deployment of American wind energy. In addition to providing direct support for wind and other renewable manufacturers, production tax credits help companies leverage millions of dollars in private investment. Unfortunately, despite its track record of success and its importance to our economy, without congressional action the production tax credit is scheduled to expire at the end of next year.
It is critically important that Congress act on this extension now. Wind-related projects are planned months if not years in advance, and as a result, construction will slow down if the credits are not extended in a timely manner. Worse, some of the benefits of these tax credits to our economy - including job creation and cheaper clean energy that's made here in America - will be greatly diminished if Congress follows the pattern it has established on other issues this year and pursues a last-minute extension instead.
Source: energybiz