WASHINGTON, Dec. 12 (UPI) -- The American Wind Energy Association announced its gratitude to Congress' extension of the Production Tax Credit for wind energy technology.
The credit was set to expire Dec. 31, 2007, and will now be available until Dec. 31, 2008. The incentive provides a 1.9 cent-per-kilowatt-hour tax credit for electricity generated during the first 10 years of a project's operation.
The extension is part of a tax-and-trade bill, one of the last actions of the outgoing Congress. The tax credit also applies to other renewable energy technologies, including solar power.
"This is the second time that Congress has approved an extension of the production tax credit before it expires, and this continuity is vital for the U.S. wind energy industry," said Randall Swisher, executive director of the American Wind Energy Association. "This action by Congress comes at the right moment: the timely extension provides the stability that companies need to plan for growth and meet the nation's fast-increasing demand for renewable energy."
The bill was introduced by Sen. Ted Stevens, R-Alaska, and Sen. Daniel Inouye, D-Hawaii. It also has other environmental provisions regarding fisheries, oil and gas drilling in the Gulf of Mexico, tsunami and drought warnings, and protection of wilderness lands in Nevada. President Bush is expected to sign the bill into law soon.
