Two-year production tax credit extension passed by House and Senate

WORCESTER, Mass., March 11, 2002 — Last week, the House and Senate approved a slimmed-down economic stimulus and unemployment insurance bill containing a two-year extension of the Wind Energy Production Tax Credit (PTC).

The package was approved by a House vote of 471-3 on March 7 and a Senate vote of 85-9 on March 8. President Bush stated he will sign the bill into law. The extension that will remain in effect until December, 2003.

The PTC has played a dramatic role in the rapid growth of the wind energy industry — the fastest growing segment of the non-renewable energy market. The tax credit of 1.7 cents per kWh is given to wind energy companies to help them remain competitive with non-renewable energy prices.

The approval of the tax credit acts as an added bonus for Mass Megawatts Wind Power, Inc. because the company has never used the PTC in its financial profit projections. Without the tax credit, Mass Megawatts Wind Power Inc. technology could produce energy for less than 2.4 cents per kWh.

Mass Megawatts Wind Power, Inc. produces clean, cost-effective wind generated power capitalizing on a new wind turbine design, the Multi-Axis Turbosystem (MAT).

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