Wind Energy Production Tax Credit
M E M O R A N D U M
TO: Reporters and Editors
RE: Wind Energy Production Tax Credit
DA: Thursday, May 15, 2008
Senator Chuck Grassley made the following statement after the House Ways and Means Committee extended the Wind Energy Production Tax Credit for one year. The Committee, for the first time this Congress, extended the credit without a cap on the incentive.
Grassley has pushed for a full and uncapped credit, despite actions by the House of Representatives last year and this year to cap the amount of credit that wind energy producers can receive. Several times this Congress, Grassley has secured strong Senate support for an uncapped wind energy tax credit. He has been pushing the House to follow the Senate lead by passing an uncapped credit.
Senator Grassley was the author of the legislation that created the first-ever wind energy production tax credit in 1992. He’s led numerous successful efforts to extend the tax incentive in its current, uncapped form.
“For the United States to take advantage of this clean, renewable resource, an uncapped production tax credit is the right way to go. The wind production tax credit has been the number one reason for the influx of production and manufacturing in Iowa. Wind energy has not only helped power many parts of Iowa, but it has provided a great deal of economic activity in struggling communities. Now it’s time to take quick action and extend the credit because investors need certainty about tax policy before putting additional money into wind energy.”