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Wednesday, January 02, 2013

Wind Energy Tax Credit Included in Fiscal Cliff Deal

The wind energy production tax credit (PTC) was extended for one year in the fiscal cliff deal (The American Taxpayer Relief Act of 2012-H.R. 8) approved by Congress on New Year’s Day.  The credit, which gives a tax break of 2.2 cents for every kilowatt-hour of energy produced by wind, was set to expire at the end of 2012 and will now include projects that complete construction in 2013.

The extension save tens of thousands of jobs and provides support for an emissions free source of electricity. 

According to the Energy Information Administration, the country topped the 50,000 megawatts milestone of total installed win power capacity in 2012. Without the tax credit, installations would likely have plummeted in 2013. The extension will have to be renewed again for 2014. (Forbes, 1/2/2012)

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