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Congress urged to drop PTC change

Over 250 company representatives sign letter condemning new tax plans

Congress urged to drop PTC change image

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

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