Wednesday, January 2, 2013

Fiscal cliff vote rescues tax credits for wind industry

Good news today for Pennsylvania's (and the nation's) wind industry. 

The federal Production Tax Credit, whose 2012 expiration has menaced the wind industry for more than a year, has scored an extension in the tax deal to avoid the fiscal cliff, according to Anya Litvak writing for Energy Inc.  
The one-year extension is a bit different — and better, supporters say — than the original. It provides a tax credit of 2.2 cents for each kilowatt hour of electricity produced by wind projects whose construction begins in 2013. The old tax credit required projects to go online by Dec. 31, 2012, in order to qualify.
 The American Wind Energy Association is thrilled. The organization estimates that there are 1,029 megawatts of wind capacity currently online in Pennsylvania, with another 310 MW under construction. It also calls the state a “manufacturing hub” for the industry with at last five production facilities in southwestern Pennsylvania.
See the full story here.   

Related environmental news stories: 
Wind tax credit survives in fiscal cliff deal  
'Fiscal cliff' deal includes extension to tax credit for wind industry 

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