Udall Heralds Successful Effort to Extend Wind Production Tax Credit
Credit Supports Colorado Workers, Pursuit of True Energy Security
Mark Udall, who serves on the Senate Energy and Natural Resources Committee, welcomed the one-year extension of the Production Tax Credit for wind energy — a grassroots cause he championed in Colorado and on the floor of the U.S. Senate — included in the bipartisan deal to prevent taxes from rising for the middle class and working families. The one-year extension of the credit gives manufacturers in Colorado and throughout North America the signal they need to create jobs, make capital investments in the United States, and ensure that wind energy remains a strong part of our national energy strategy.
"The extension of the wind Production Tax Credit is excellent news for workers in Pueblo, Windsor, Brighton and across the country. Thanks to the PTC extension, I am confident the wind industry will be able to create jobs and help revitalize our American manufacturing sector," Udall said. "It was unfortunate that it took Congress so long and so many rounds of layoffs to join me in this bipartisan cause, and I wish that Congress could have provided the industry with more certainty through a longer extension. But this is a step in the right direction. With this extension signed into law, Congress now must pass a comprehensive energy plan. I look forward to working with my colleagues to ensure that wind energy will continue to be a vital, thriving part of our all-of-the-above energy strategy."
The PTC extension will:
- Provide a tax credit for electricity produced from wind energy, meaning the tax credit only applies when wind turbines are spinning, not when they are idle;
- Apply to any project that begins construction before the end of 2013, providing a strong incentive for developers to begin projects as soon as possible; and,
- Apply to several other renewable energy sources, including geothermal and biomass.
The fiscal cliff deal also included other key energy tax credits for alternative fuels, energy efficiency, and other renewable energy resources, which Udall has long supported.
Udall has been a longtime and steadfast advocate for extending the wind Production Tax Credit. Since June, Udall has delivered 27 speeches on the U.S. Senate floor to encourage his colleagues to quickly extend the PTC. Udall’s effort, supported by Colorado business leaders and workers alike, drew the support of a bipartisan and bicameral group of lawmakers, including the father of the PTC, Sen. Chuck Grassley (R-Iowa).