Oceana Lauds Wind Energy Provisions in Senate Finance Committee Tax Package
Press Release Date: July 21, 2015
Location: Washington, D.C.
Today, the Senate Finance Committee marked up legislation to extend a number of expired tax provisions, including the Production Tax Credit (PTC) and Investment Tax Credit (ITC) for wind energy. The bill extends these credits, which expired at the end of 2014, through the end of 2016, and covers all projects that commence construction in that period. The ITC is considered by many to be essential for the development of offshore wind energy.
In response to the Senate Finance Committee’s approval of tax credits for wind energy, Oceana’s vice president for the U.S. Jacqueline Savitz released the following statement:
“Today, the Senate Finance Committee demonstrated bipartisan support for clean, homegrown wind energy, beating back attempts to eliminate or weaken wind energy tax credits. Extending the Investment Tax Credit for wind will give a crucial boost to the development of offshore wind power, and give us an opportunity to take advantage of our nation’s vast but untapped offshore wind potential. A modest and gradual development of offshore wind along the East Coast over the next 20 years could create more than 200,000 jobs and generate enough electricity to power more than 115 million households.”