The House of Representatives voted to adopt the Senate's budget plan to avoid the "Fiscal Cliff," which includes an extension of the wind-energy Production Tax Credit for any project that starts construction in 2013. The American Wind Energy Association said that reflects the 18 to 24 months it can take to construct a project. The measure awaits the signature of President Barack Obama.
the American Wind Energy Association (AWEA) made the announcement to its members in a letter stating: Congress included the extension of wind energy tax credits that we have long sought in the final deal to avert the “fiscal cliff,” which now moves to President Obama for his signature.
Importantly, the version of the PTC and ITC extension included in today’s legislation would cover all wind projects that start construction in 2013. That allows for projects completed beyond 2013 to qualify for the credit, a critical change that the Senate Finance Committee made specifically in order to accommodate the business timelines of our industry. The bill also includes bonus depreciation, which is beneficial as well. And thanks to the constant efforts of AWEA members like you, it remained intact all the way to final passage tonight.
Together we can celebrate the renewal of this important federal policy. It will;
- Provide continuous tax relief to U.S. wind farms built in 2013, 2014 and beyond, so long as they start construction this year;
- Support the continued manufacture of wind turbines and components in America;
- Drive the continued growth of an industry that installed the most electrical generating capacity in America last year; and,
- Support offshore and community wind as well as land-based projects.
Wind set a new record in 2012 by installing 44 percent of all new electrical generating capacity in America, according to the Energy Information Administration, leading the electricity sector versus 30 percent for natural gas and lesser amounts for coal and other sources.