Free Republic
Browse · Search
News/Activism
Topics · Post Article

Skip to comments.

Senate Finance Committee votes to restore Wind Tax Credit
The Hill ^ | Apr. 3, 2014 | Timothy Cama

Posted on 04/03/2014 2:55:56 PM PDT by Izzy Dunne

The Senate Finance Committee approved Thursday a package of tax break extensions that restores the production tax credit (PTC) for wind energy, which expired in 2013.

The committee voted by voice vote to send the bill to the full Senate. It would extend the PTC for two years, along with numerous provisions that incentivize alternative fuels and energy efficiency for vehicles and homes. Senators who support the wind industry thanked Chairman Ron Wyden (D-Ore.) and ranking member Sen. Orrin Hatch (R-Utah) for including the wind credit in the bill that the committee marked up Thursday after excluding it from the draft unveiled Tuesday.

“This is vitally important to Colorado,” said Sen. Michael Bennet (D-Colo.), who sponsored an amendment to include the credit. “We’ve got upwards of 5,000 jobs in our state” from the wind industry, he said.

Sen. Chuck Grassley (R-Iowa) said Congress has already harmed the wind industry by allowing the PTC to expire last year and that the harm would continue if it is not extended.

“The uncertainty it creates for the renewable industry has slowed growth in this sector,” Grassley said. “This serves only to hamper the strides made towards a viable, self-sustainable renewable energy and fuels sector.”

The panel rejected an amendment proposed by Sen. Pat Toomey (R-Pa.) that would have stripped the bill of all provisions that incentivize alternative energy, including the PTC and credits for biofuel, electric vehicles, alternative fuel vehicle infrastructure and fuel cell technology.

“I don’t think we should force taxpayers to subsidize inefficient, uncompetitive forms of energy,” Toomey said. “We are simply picking winners and losers.”

Toomey said that he did not oppose alternative fuels, but he thinks "they ought to compete on a level playing field.”

Grassley defended the credits, saying that it would be fair to give alternative energy sources credits similar to the ones that traditional energy receives.

“The 100-year-old oil and gas industry continues to benefit from tax preferences that benefit only their industry,” he said.

Sen. Debbie Stabenow (D-Mich.) agreed with Grassley: “I would argue that Congress has picked a winner in the oil industry, and they have won.”

A number of energy-related amendments were either withdrawn or blocked by Wyden because they were not related to a bill extending expired tax provisions.

Those amendments would have allowed faster tax credits for solar energy and offshore wind energy infrastructure while they are being built, changing the fuel tax structure for liquefied natural gas and phasing the wind credit out over five years.


TOPICS: Government; News/Current Events
KEYWORDS: boondoggle; finance
It took a LOT of work to kill the thing that is sucking billions of dollars from the economy, and it's only been dead 3 months, but it's rising from the grave.
1 posted on 04/03/2014 2:55:57 PM PDT by Izzy Dunne
[ Post Reply | Private Reply | View Replies]

To: Izzy Dunne

More corporate welfare for the politically approved


2 posted on 04/03/2014 2:57:53 PM PDT by GeronL (Vote for Conservatives not for Republicans!)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Izzy Dunne

I guess I’d better get off to Costco for some no. 10 cans of baked beans.


3 posted on 04/03/2014 2:58:23 PM PDT by Noumenon (Resistance. Restoration. Retribution.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Izzy Dunne

Sure glad we’ve got conservatives like Orrin Hatch on the job!


4 posted on 04/03/2014 2:58:39 PM PDT by Da Bilge Troll (Defeatism is not a winning strategy!)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Izzy Dunne

The US economy runs on fraud. There’s no escaping it.


5 posted on 04/03/2014 2:58:57 PM PDT by Attention Surplus Disorder (At no time was the Obama administration aware of what the Obama administration was doing)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Izzy Dunne

Ill winds blowing.


6 posted on 04/03/2014 3:01:48 PM PDT by Jim Robinson (Resistance to tyrants is obedience to God!!)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Izzy Dunne

R or D, it doesn’t matter in the least. Crony capitalism is a way of life with these useless turds.


7 posted on 04/03/2014 3:08:06 PM PDT by Oldhunk
[ Post Reply | Private Reply | To 1 | View Replies]

Comment #8 Removed by Moderator

To: Izzy Dunne

It’s up to the House to stop this nonsense. Boehner will be up to the task. /s


9 posted on 04/03/2014 3:10:16 PM PDT by NonValueAdded (Operating out of weakness? Imagine if he was working from a position of strength!)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Izzy Dunne

Wind tax credit. Well, those folks in Washington are experts on wind.


10 posted on 04/03/2014 3:53:12 PM PDT by MCF
[ Post Reply | Private Reply | To 1 | View Replies]

To: Izzy Dunne

Well, if these Senators can resurrect this subsidy from the dead, maybe they can do the same for all of the dead birds that these windmills kill.


11 posted on 04/03/2014 3:53:27 PM PDT by SES1066 (Quality, Speed or Economical - Any 2 of 3 except in government - 1 at best but never #3!)
[ Post Reply | Private Reply | To 1 | View Replies]

To: NonValueAdded
"Its up to the House'

I recently read another article on this subject which said that close to 80% of US windmills are located in House Republican districts. And, that close to 75% of windmill components are manufactured in House republican districts.

12 posted on 04/03/2014 3:58:52 PM PDT by Ben Ficklin
[ Post Reply | Private Reply | To 9 | View Replies]

To: Izzy Dunne
Grassley defended the credits, saying that it would be fair to give alternative energy sources credits similar to the ones that traditional energy receives.

“The 100-year-old oil and gas industry continues to benefit from tax preferences that benefit only their industry,” he said.

If Senator Grassley is speaking of the "Depletion Credit", which is what most critics cite as an oil industry subsidy, it should be pointed out that it applies to mining, drilling, quarrying stone, or cutting timber (Pub.535) as well. The concept matches to that of depreciation that any activity has a finite life and as such, these credits serve to encourage re-investment in order to sustain the enterprise. In short, it is a canard, usefully rolled out for lack of a better argument.

13 posted on 04/03/2014 4:01:48 PM PDT by SES1066 (Quality, Speed or Economical - Any 2 of 3 except in government - 1 at best but never #3!)
[ Post Reply | Private Reply | To 1 | View Replies]

To: tallank
The legislation originated in the House and was then sent to the Senate.

Supposedly, the House republicans purposely left the windmill tax credit out of the legislation, so that Grassley would have a role in getting it added.

14 posted on 04/03/2014 4:06:04 PM PDT by Ben Ficklin
[ Post Reply | Private Reply | To 8 | View Replies]

To: Izzy Dunne

While it may suck, it can also benefit preppers for buying wind generators for a possible tax CREDIT!?


15 posted on 04/03/2014 4:23:04 PM PDT by SgtHooper (If at first you don't succeed, skydiving is not for you.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Izzy Dunne
Grassley is such a liar:

The uncertainty it creates for the renewable crony capitalist industry has slowed growth in this sector

16 posted on 04/03/2014 4:41:36 PM PDT by 1010RD (First, Do No Harm)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Izzy Dunne

Good. Maybe now I can get a deduction for the farts my unicorns make.


17 posted on 04/03/2014 6:47:36 PM PDT by TruthInThoughtWordAndDeed (Yahuah Yahusha)
[ Post Reply | Private Reply | To 1 | View Replies]

To: MCF
Senate Committee Breaks Wind Tax Credit Impasse
18 posted on 04/03/2014 6:48:54 PM PDT by mikrofon (Blowviation)
[ Post Reply | Private Reply | To 10 | View Replies]

To: Izzy Dunne
If it Moves, Tax it.
If it Keeps Moving, Regulate it.
And if it Stops Moving, Subsidize it.
F*ck our current government.

19 posted on 04/04/2014 4:02:55 AM PDT by Amagi (Lenin: "Socialized Medicine is the Keystone to the Arch of the Socialist State.")
[ Post Reply | Private Reply | To 1 | View Replies]

To: Ben Ficklin
close to 75% of windmill components are manufactured in House republican districts.

Unless we have a lot of House members with Chinese addresses, I don't think that's true.

20 posted on 04/04/2014 5:55:57 AM PDT by Izzy Dunne (Hello, I'm a TAGLINE virus. Please help me spread by copying me into YOUR tag line.)
[ Post Reply | Private Reply | To 12 | View Replies]

To: Izzy Dunne
Well if you want to be a nitpicker I can change it to "domestically produced windmill components".

Does that meet with your approval?

21 posted on 04/04/2014 9:19:16 AM PDT by Ben Ficklin
[ Post Reply | Private Reply | To 20 | View Replies]

Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.

Free Republic
Browse · Search
News/Activism
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson