Skip to comments.New Bill Proposes To Extend Wind Energy PTC, Slash Oil Subsidies
Posted on 05/01/2012 10:21:24 PM PDT by smokingfrog
A group of Democrats in the U.S. House of Representatives has introduced new legislation that would extend a number of incentives for wind power and other forms of renewable energy while stripping subsidies for fossil fuels.
The bill - Investing to Modernize the Production of American Clean Energy and Technology (IMPACT Act) - introduced by Reps. Ed Markey, D-Mass.; Henry Waxman, D-Calif.; John Larson, D-Conn.; Earl Blumenauer, D-Ore.; and Bill Pascrell Jr.; D-N.J. - proposes an eight-year extension to the production tax credit (PTC) for wind, solar, geothermal, biomass, landfill gas, hydropower, and marine and hydrokinetic power production.
Notably, however, the bill specifies that if a renewable electricity standard or similar measure - such as the clean energy standard proposed most recently by Sen. Jeff Bingaman, D-N.M. - were to become law, the PTC would be phased out within 12 months.
The legislation also would renew the Section 1603 renewable energy cash-grant program - which expired at the end of last year - for another two years.
Among the provisions of the bill is a specific carve-out for offshore wind energy. Under the legislation, the first 3 GW of offshore wind power projects would be eligible for a 30% investment tax credit.
The IMPACT Act is not only pro-renewables, but also pro-manufacturing, as it provides for $5 billion in tax credits under the Section 48C program for the construction of new and modified clean energy technologies.
The bill also contains provisions to extend tax credits for energy-efficient appliances, electric vehicles and natural-gas trucks, as well as to encourage the development of more pumping and charging stations for alternative-fuel and electric vehicles.
(Excerpt) Read more at nawindpower.com ...
Hate to disagree, jim, but nope.
Corrupt marxist scum looking to line their and their buddies’ pockets with taxpayer money. And score political points with their brain-dead base while doing it...
Oregon Ping....Earl Blumenauer is supporting this....
Corrupt marxist scum looking to line their and their buddies pockets with taxpayer money. And score political points with their brain-dead base while doing it...
You nailed it perfectly.
No one seems to be paying attention to the fact that these alternative technologies are not working out very well. Yet they wont support atomic energy which is the only one that does. Very few supporters of greensolutions seems to have the most basic understanding of science. They cant appreciate that a thimbleful of gasoline can move a 3000 lb car about a mile, that we are still not at the end of the development of the internal combusion engine. In theory, we might design sailing ships that would travel much faster than those of the 19th century, and predict the winds with much great accuracy, but we run up against the limits to improvement that caused. them to be replaced in the first place. Ditto the airships which we once thought would dominate the skies.
All I picture in my mind is Mad Max the movie
These are all major boondoggles meant to pay off political supporters. Instead of spending $5b on alternative energy subsidies, they ought to offer a large cash prize (e.g. $1b in each category) to the first person/corporation that invents any alternative energy technology that is competitive with various fossil fuels at some benchmark price - say $30 a barrel for oil, and so on for other fossil fuels. If the technologies materialize, the boost to the nation’s economy, and the consequent tax revenue increases, will more than pay for the prizes. If they don’t, the prize money remains in the nation’s Treasury.
Low, stable tax rates generate jobs and economic growth. This idea has been the bedrock of conservative economic ideology for decades. One industry that represents this essential conservative principle is U.S. wind energy.
Low taxes in the form of the federal Production Tax Credit for wind have driven as much as $20 billion of private investment a year into the U.S. economy. Wind power is now one of Americas biggest sources of new electricity and fastest growing manufacturing sectors. It has accounted for more than a third of all new U.S. electric generation in recent years.Conservatives can and do support wind.
REP. STEVE KING | 2/16/12
Wind is a CONSERVATIVE principle ??! WHO KNEW?