HomeRenewablesUS wind energy celebrates tax credit reprieve

US wind energy celebrates tax credit reprieve

President Barack Obama has included a one-year extension to the America wind industry‘s federal tax credit as part of a package aimed at preventing the US economy off a fiscal cliff.

The American Wind Energy Association (AWEA) has welcomed the news which will be seen as a welcome reprieve among the sector’s 75,000 US workers.
President Obama
The Production Tax Credit (PTC) and Investment Tax Credits (ITC) are focused on community and offshore projects.

It was part of a “tax-extender” package drawn up last summer and included in the fiscal cliff deal, which after days of tense political haggling now just needs the formality of a signature from President Obama, reports Recharge News.

The version included in the deal will cover all wind projects that start construction in 2013, says AWEA. “Companies that manufacture wind turbines and install them sought that definition to allow for the 18-24 months it takes to develop a new wind farm,” says a statement from the industry body.

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