SENATE PLAYS POLITICS WITH WIND’S INCENTIVE
U.S. Senate Blocks Bill With PTC Extension - What Now?
Joseph Bebon, May 16, 2014 (North American Windpower)
“The U.S. Senate has blocked a bipartisan tax extenders package that includes a two-year extension of the production tax credit (PTC) and the investment tax credit (ITC) election for wind…[The Senate voted 53-40] not to move the bill containing the tax extenders package forward. Sixty votes were necessary, and only one Republican voted yea…because of a battle with Democrats regarding whether [Republicans can] propose amendments…The PTC expired on Dec. 31, 2013, and the legislation would retroactively…[allow project developers who] start construction this year or by the end of 2015…to take advantage of the $0.023/kWh incentive…[or] choose a 30% ITC in lieu of the PTC…[T]he package also includes about 50 other expired U.S. tax breaks...Senate Finance Committee Chairman Ron Wyden, D-Ore., [and Senate Finance Committee ranking member Orrin Hatch, R-Utah, plan] to work with Republicans on an agreement and revive the bill on the Senate floor next week…[Insiders say] the bill will eventually pass both the Senate and the House, but not until after the midterm elections in November…” click here for more