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Friday, January 4, 2013

Tax Credit for Wind Industry Extended

In addition to narrowly escaping the fiscal cliff, Congress also extended the tax credit for wind energy. Which is great news, but unfortunately, since many people in the wind industry didn't know if the credit would be extended or not - many companies have already made major cuts, which will slow our progress towards energy sustainability and independence.

NPR had a great piece on the issue yesterday, that stated:

"Congress renewed the tax credit for a year, but the industry had no idea which way it would go, so it had to prepare for the worst. Nobody wanted to gamble on starting a project that wouldn't be competitive. So after rushing to complete as many projects as possible before the tax credit expired, developers stopped planning for the future. Some companies had to lay off workers. Some manufacturers went bankrupt."

For the full story, click here. 

Wind turbines dwarf a church near Wilson, Kan. Although Congress voted to extend a wind energy tax credit, the temporary uncertainty dealt a blow to the industry.
image courtesy of NPR.org

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