Fitzpatrick Positions Wind Energy for Market-based Success
LANGHORNE, PA – Congressman Mike Fitzpatrick (PA-8) introduced a bill into the House before Congress dismissed for August work period that would position wind energy producers for market-based success through a phase out of federal tax credits.
The PTC Certainty and Phase-Out Act of 2013 [HR 2987] provides certainty for wind energy by extending the production tax credits (PTC’s) for six years while holding fast to a six-year phase out of the PTCs. for wind energy manufacturers and developers.
“This bill gives wind energy producers a six year window to make this alternative form of energy work on market-based principles,” said Fitzpatrick. “Half a century ago, we put a man on the moon in under a decade; this bill will provide a stable window for today’s wind energy entrepreneurs to make this technology work affordably. This bill positions them for achieving success.”
Industry uncertainty has been exacerbated over the last several years as PTCs are currently extended annually with the current extension set to expire at the end of 2013. The last minute approach to extensions during the last cycle resulted in thousands of lay-offs of workers and the shuttering of supply chains to the industry. The wind energy industry employees 70,000 Americans and added an estimated $768 million to the economy in 2013.
“Wind energy can plays a role in a true, ‘all of the above’ American energy strategy to jump start our economy and increase domestic security by generating clean, renewable and affordable energy,” said Fitzpatrick. “The phase-out strategy outlined in this bill can be a model for similar tax credits to provide entrepreneurs with a level playing field while giving these companies the opportunity to innovate and plan for success.”
Congressman Mike Fitzpatrick is serving his third term in the U.S. House of Representatives. He represents Pennsylvania’s 8th district which includes all of Bucks County as well as a portion of Montgomery County. He serves as the Vice Chairman of the House Financial Services Subcommittee on Oversight and Investigations.