The Renewable Energy Production Tax Credit (PTC)has died and been resurrected a total of five times and it looks as though it may yet again be brought back to life. On April 3, 2014, the Senate Finance Committee approved a bill that would resurrect the expired tax provisions including the PTC which expired at the end of 2013.
Although the PTC has been a political football, it has clearly contributed to the impressive growth of the US wind industry. This point is illustrated by the Union of Concerned Scientists (UCS) graph (above left). While there are some in the Senate who claim to oppose the PTC on ideological grounds, it may be more accurate to suggest that it is due to their allegiance to old energy interests and/or knee-jerk obstructionism. It is most certainly not due to an impartial assessment of the facts.
The Act that is about to go to the Senate floor for debate is titled, “Expiring Provisions Improvement Reform and Efficiency (EXPIRE) Act.” In addition to extending the Investment Tax Credit (ITC) it would provide a two-year extension of the wind energy production tax credit. It would also extend incentives for, plug-in electric vehicles, alternative fuel vehicle refueling property, fuel cell vehicles, energy-efficient home construction and biofuels.
As reported in The Hill, Senate Majority Leader Harry Reid (D-Nev.) wants to expedite a full Senate vote on the package of tax break extensions.
On Tuesday April 8th Reid told reporters that he had spoken with Sen. Ron Wyden (D-Ore.), chairman of the Finance Committee, urging him to move on the bill. “I told him I want to move this bill sooner rather than later,” Reid said. “So he and I will visit further.”
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