- Published: 28 August 2012 28 August 2012
HUSUM Daily/The PTC in the USA – Calls for ActionFrom 18 to 22 September the HUSUM WindEnergy event is once again happening in the German capital of wind energy. During the five days Windtech International will publish the HUSUM Daily. The HUSUM Daily will be prepared and edited by a team from Windtech International in cooperation with staff from HUSUM WindEnergy. Each day we will work on the issue to be published the following morning. If you have editorial material you want considered for publication please make sure that we have it before 1 pm each day.
HUSUM Daily at a glance
- Five issues printed overnight, one for every day
- Handed out to all attendees
- Will present the latest developments and hottest news
- Outstanding editorial and advertising opportunities for exhibitors
Promising News for PTC Extension
The US Senate Finance Committee has passed a one-year extension of the Production Tax Credit (PTC) 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 PTC, which is critical for offshore wind projects in particular. The approved Act, which was passed on a bipartisan vote of 19 to 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. Although the Senate approval is a promising first step, the effects of a possible expiration are already noticeable. The current situation has already resulted in job cuts. Navigant Consulting reported an expected 10,000 lost jobs by the end of 2012 due to uncertainty about the PTC. If the PTC expires, the group expects companies will cut another 37,000 jobs by the end of 2013.
The PTC receives bipartisan support, but many suspect Congress’ decision is on hold until after the November election. However, in my opinion it is important for Congress to act sooner rather than later.