After quite a bit of back and forth, the Senate Finance Committee finally included wind energy in the renewable energy Production Tax Credit (PTC) and Investment Tax Credit (ITC) tax extenders package out of committee this week.
“We’re grateful to all the supporters of renewable energy on the Senate Finance Committee,” said Tom Kiernan, CEO of the American Wind Energy Association. “This provides a critical signal for our industry, which has created up to 85,000 jobs and has a bright future ahead, as we grow from 4 percent of the U.S. power grid to an expected 20 percent and beyond, so long as we have a predictable business climate.”
The PTC and the alternate Investment Tax Credit were added overnight to a modified “Chairman’s mark,” after an earlier draft released Monday left them and several other provisions for further negotiation.
They prevailed on a critical 18-6 vote during the committee markup late Thursday morning, on a motion by Sen. Pat Toomey (R-PA) to strip them out. Five Republicans joined the committee’s Democrats in voting down that amendment: Sens. Chuck Grassley (R-IA), John Thune (R-SD), Rob Portman (R-OH), Mike Crapo (R-ID), and John Cornyn (R-TX).