The US Senate Finance Committee passed a one-year extension of the Production Tax Credit for the domestic wind industry through its Family and Business Tax Cut Certainty Act of 2012, which also included the modification of other credit provisions for the renewables and energy efficiency sector.
As part of the package passed in the Senate Finance Committee, an important provision was included that allows wind developers to use the Investment Tax Credit (ITC) instead of the Production Tax Credit, which is critical for offshore wind projects in particular. The approved act, which passed on a bipartisan vote of 19-5, includes a package of more than US$ 205 billion in tax cut extensions for families and businesses. The PTC extension will cost US$ 3.3 billion. Now Congress has to agree on the Family and Business Tax Cut Certainty Act of 2012 as well.
As part of the package passed in the Senate Finance Committee, an important provision was included that allows wind developers to use the Investment Tax Credit (ITC) instead of the Production Tax Credit, which is critical for offshore wind projects in particular. The approved act, which passed on a bipartisan vote of 19-5, includes a package of more than US$ 205 billion in tax cut extensions for families and businesses. The PTC extension will cost US$ 3.3 billion. Now Congress has to agree on the Family and Business Tax Cut Certainty Act of 2012 as well.
