Congress´ extension of the wind energy production tax credit will spur renewable energy development, strengthen America´s energy security and help fight global warming, according the American Wind Energy Association.
The association praised Congress´ passing of a tax and trade policy bill during the closing hours of the 109th Congressional session. The extension comes a full year before it was set to expire Dec. 31, 2007.
It is the second time Congress has approved the measure before the production tax credit expires. The credit will continue until at least Dec. 31, 2008.
The incentive provides a tax credit of 1.9 cents per kilowatt-hour for
electricity generated during the first 10 years of a wind project´s
operation. The wind energy industry has depended on the tax credit to
encourage investment in renewable energy. The development of wind energy
projects has dropped significantly during years after the incentive was
allowed to expire.
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