SENATE COMMITTEE APPROVES WIND’S VITAL TAX BREAK

Renewable energy Production Tax Credit passes critical test as Senate Finance Committee sends tax extenders bill to floor

April 3, 2014 (American Wind Energy Association)

"The renewable energy Production Tax Credit (PTC) [two year extension] and Investment Tax Credit (ITC) were included…with bipartisan support, as the U.S. Senate Finance Committee reported out a tax extenders package whose swift passage is critically important to the continued growth of the U.S. wind energy industry…They prevailed on a critical 18-6 vote during the committee markup…[after] Sen. Pat Toomey (R-PA) [moved] to strip them out. Five Republicans joined the committee’s Democrats in voting down that amendment…[Sen. Chuck Grassley (R-IA)] called Toomey’s arguments against their extension ‘intellectually dishonest,’ considering billions of dollars a year in permanent incentives for other forms of energy with which renewable energy competes…The tax credits now advance toward extension with over 50 other expired provisions of the tax code, in the absence of a comprehensive tax reform deal in Congress…” click here for more

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