The wind production tax credit (PTC) was extended for one year as part of the bill meant to avoid going over the so-called “fiscal cliff.”
The extension of the PTC and Investment Tax Credits for community and offshore projects cover all projects that start construction in 2013, according to the American Wind Energy Association (AWEA). Companies that manufacture and install wind turbines sought that stipulation to allow for the 18-24 months it takes to develop a wind project.
The Senate Finance Committee included that version in a “tax extenders” package they put together in August, AWEA said. That version made it to the final “fiscal cliff” deal that was passed by the Senate and the House of Representatives on New Year’s Day. The president is expected to sign it in to law quickly.
“Now we can continue to provide America with more clean, affordable, homegrown energy, and keep growing a new manufacturing sector that’s now making nearly 70 percent of our wind turbines in the U.S.A.,” said AWEA’s interim CEO Rob Gramlich.
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