The Senate recessed for the Memorial Day break without a vote on the EXPIRE act to extend dozens of crucial tax policies, including the Production Tax Credit (PTC) and Investment Tax Credit (ITC) for clean energy. A letter was delivered to Senators earlier in the week from a broad spectrum of the business community urging speedy passage of the EXPIRE act to continue clean energy economic development in the U.S.
The PTC and ITC have successfully driven over $118 billion in private investment just from wind energy development to date. Land owners, farmers, supply chain manufacturers, and other beneficiaries are looking for an immediate extension of the expired tax credits to re-energize new business and project development.
“Policy certainty is key to making long-term business decisions,” said Linda Church Ciocci, executive director of the National Hydropower Association (NHA). “The expiration of the tax credit injects instability into our members’ decision-making process. We hope that the Senate returns from recess and expeditiously passes the EXPIRE act, which was approved by the Finance Committee with bipartisan support.”
“The American Farm Bureau believes that a significant part of our nation’s energy should come from the development and use of renewable energy sources,” said Bob Stallman, president of the American Farm Bureau Federation. “These sources are critical to our nation’s energy future and will help further strengthen the overall national security of the United States. Renewable energy sources also contribute to the stability of the rural economy by creating another source of income to our nation’s farmers and ranchers.”
“As a manufacturer for the U.S. wind industry, we’re proud to have scaled up to meet the growing demand for wind energy,” said John Purcell, vice president of the Energy Division at Leeco Steel. “There are over 550 manufacturing facilities in the U.S. capable of churning our American-made materials to provide clean, affordable, home-grown energy. We hope that the Senate quickly takes up the EXPIRE act upon their return so we can focus on increasing production instead of an uncertain market.”
National Hydropower Association
Filed Under: News, Policy