The wind energy Production Tax Credit (PTC) will be extended one year through December 31, 2008 as part of a tax and trade policy bill (Tax Relief and Health Care Act of 2006 (H.R. 6111)) passed during the closing hours of the 109th Congress.
Extending the credit now a full year before it was set to expire on December 31, 2007 is enormously important, said American Wind Energy Associations Legislative Director, Jaime Steve. This timely action by Congress will boost significant upward growth and investment for wind and other renewable energy technologies, spurring thousands of new jobs and millions of dollars in rural economic development while also bringing cleaner air to all Americans. Extending the credit is also an investment fighting climate change and increasing American energy security, Steve said.
According to North American Windpower, the act allows an extra $400 million of clean renewable energy bonds to be issued, which will finance the construction of facilities that produce renewable energy. In addition, it extends the tax credit for construction of energy-efficient homes and energy-efficient commercial buildings.
The act also contains a 1-year extension of both the residential and commercial solar investment tax credits, extending them through 2008.
Susan Williams Sloan
American Wind Energy Association
Wind Energy Works!