Senate tax reform preserves wind energy PTC

The proposed Senate tax reform bill honors the 2015 bipartisan phase-out terms for the wind energy Production Tax Credit (PTC). It is a stark departure from changes to the PTC phase-down in the House bill, which include retroactive rule changes that the American Wind Energy Association (AWEA) says put at risk tens of thousands of jobs and at least $50 billion of investment tied to projects already under construction. “The Senate tax reform bill keeps a promise to America’s more than 100,000 wind energy workers and restores the confidence of businesses pouring billions of dollars into rural America,” said Tom Kiernan, CEO of AWEA. “For a rapidly growing number of Americans, including our nation’s veterans, wind power means well-paying, stable jobs.” The Senate tax bill also leaves in place the 2015 terms for the wind Investment Tax Credit, an investment tool favored by offshore wind developers.