Eco-Living Magazine

Production Tax Credit Spared from Fiscal Cliff

Posted on the 04 January 2013 by 2ndgreenrevolution @2ndgreenrev

It appears that I misspoke in the calendar post from earlier this month. The Production Tax Credit for renewable energy, namely wind, which expired on December 31, 2012 after 20 years, was spared in the deal to avert the fiscal cliff.

According to the White House’s blog, “Tax credits that encourage the production of clean domestic energy, such as the Production Tax Credit (PTC), will be extended through the end of the year.” While this is only a one year stay, the Denver Post reports that while “the industry did not get a lengthier extension of the credit, it was worded in such a way that the impact of the extension will probably be felt through 2014.”

Unfortunately, as reported in other posts over the past few months, many in the wind industry commented that a deal to save the PTC would not have an immediate impact on the wind industry as it takes months to ramp up production, including hiring workers that were laid off in states like Colorado and North Dakota.

[Image source]


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