Production Tax Credit Extended by Congress
January 1, 2013
The Production Tax Credit (PTC) and the Investment Tax Credits (ITC) will be extended until January 1, 2014 under the American Taxpayer Relief Act of 2012 passed by Congress on January 1, 2013. The extension of the PTC, included in the bill to avert the so-called "fiscal cliff", would apply to all U.S. wind projects that start construction in 2013. The measure now moves to President Obama for his expected signature into law.
In addition to the PTC, the bill also covers investment tax credits for community and offshore wind projects. Denise Bode, head of the American Wind Energy Association (AWEA), said the incentives "will allow continued growth of the energy source that installed the most new electrical generating capacity in America last year." Bode praised the president and Congressional supporters "who had the foresight to extend this successful policy, so wind projects can continue to be developed in 2013 and 2014."Last year, the amount of wind energy installed in the United States comprised a record-setting 44% of all new U.S. electrical generating capacity, according to the Energy Information Administration.