Wind PTC Extended for Two Years in Tax Extenders Bill Approved by Senate Finance Committee
Washington, DC - Colorado U.S. Senator Michael Bennet today secured a two-year extension of the wind energy production tax credit (PTC) in the tax extenders bill approved by the Senate Finance Committee. Bennet also fought back against several amendments designed to phase out and eliminate the credit altogether.
"Renewable energy is an important piece of Colorado's diverse energy industry and is a major economic driver throughout the state," Bennet said. "The wind PTC helps support thousands of jobs in our state. Until Congress gets serious about developing a 21st century energy strategy with a tax code that supports all energy technologies, we need to take steps to provide certainty for Colorado's and the country's wind industry."
Bennet worked with Senators Chuck Grassley (R-IA) and Maria Cantwell (D-WA) to include the wind PTC extension in the measure. During the committee's consideration of the bill, Bennet helped lead the opposition to several amendments that would have phased out and eliminated the PTC. All three of those amendments were withdrawn due to committee opposition.
Colorado is home to several major wind energy developers and wind turbine manufacturing facilities, employing more than 6,000 workers statewide. In 2014, 13.6 percent of the state's electricity came from wind generation. This is enough energy to power approximately 674,000 homes.
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