The U.S. House has approved final passage of the tax bill that includes a one-year extension of the 1603 investment tax credit for developing renewable energy sources such as wind power. Republicans and Democrats came together to pass the bill without any amendments, and the president has signed it.
Denise Bode, CEO of the American Wind Energy Association, thanked lawmakers on both sides of the aisle for extending the investment tax credit, which dates to 1992. “This is a great holiday present for the 85,000 American workers in the wind energy industry, tens of thousands of whom will now be able to get back to work in a sector that has been a bright spot in the recession so far,” Bode said. “Orders will be on the rise for new wind power, and investors will put more capital into the U.S. economy because of what happened in Congress last night. We’re already making 20% of the electricity in Iowa, and have made as much as 25% of the electricity in Texas,” she said. “We hold the lead in building and expanding our U.S. manufacturing base than most other industries. With the industry expansion this extension will incentivize, we’re going to be making a whole lot more affordable, homegrown electric power in the years to come.”
Bode said she is looking forward to working with incoming Speaker John Boehner, a proponent of developing more domestic energy sources, and the rest of the new majority in the House. “The inclusion of renewable energy in the tax bill is a clear indication of strong bipartisan support for the wind industry, which will make more renewable energy than any other technology for decades,” she said.
Filed Under: Policy