Congress urged to drop PTC change
Over 250 company representatives sign letter condemning new tax plans
Representatives from more than 250 companies have signed a letter to members of the US Congress urging them to reject proposed changes to the wind energy Production Tax Credit (PTC) in a tax bill.
The letter says the changes, which would strip away the PTC rather than allowing for the gradual phase-out agreed two years ago, would “put both existing and projected wind investment and jobs at risk”.
Congress passed a bipartisan five-year extension and phase out of the PTC in 2015, which is proceeding on an 80%-60%-40% schedule that winds up after 2019.
The new House of Representatives Bill, known as HR1, “rewrites the rules” for the wind industry “in the middle of the game” redefining how a project qualifies for the credit, the letter said.
It added that the changes would put at least $50bn of private investment and 60,000 US jobs at risk by forcing “businesses to walk away from projects that would no longer be economically viable”.
Image: US Capitol Congress