October 2012: Keep Green Provisions in Upcoming Tax Bill

BACKGROUND: In spite of persistent partisan quarreling over tax legislation, an important Tax Extender bill has been approved with bipartisan support by the Senate Finance Committee to continue energy-related tax provisions that provide critical support for wind and solar power. Also included in the tax extender legislation is a tax credit for energy efficient appliances, and extension of the Energy Efficient New Homes Tax Credit (or 45L credit). 45L has been responsible for raising the proportion of new green homes from close to zero to 11 percent since 2005. ACellulosic Biofuels Producer Tax Credit is also included in the bill to encourage creation of ethanol from plant fiber typically considered waste.

 

A Production Tax Credit (PTC) and Investment Tax Credit (ITC) for green energy are also included in the tax extender legislation. They have been instrumental in enabling wind power to provide 35% of all new US energy capacity over the last four years. Iowa now derives 20% of its energy from wind. The entire country could grow to Iowa’s level by 2030, providing 500,000 jobs in wind energy (DOE estimate). We can’t let these credits lapse when wind power can guarantee the long-term stability of electricity prices, provide ‘home grown’ secure energy without increasing global warming, and create American jobs in a dynamic economic sector.

ACTION: Both houses of Congress will vote on tax extender legislation. In order to help America develop clean wind, solar, and biofuel energy sources and build greener homes, ask your Senators to support the green provisions of The Family and Business Tax Cut Certainty Act of 2012, and your Representative to support H.R. 6031, The Wind Powering American Jobs Act of 2012.

PS.  Mitt Romney favors letting wind power tax credits expire, President Obama supports their extension.

 

Web: www.senate.gov & www.house.gov

 

Tel: 202 224-3121 (Capitol switchboard)

 

Mail: Senator or Representative

(first & last name)

 

U.S. Senate

Washington, D.C. 20510  

 

or

 

U.S. House of Representatives

Washington, D.C. 20515

Photo credit:  Connecticut River from Mt. Sugarloaf, Sunderland, MA, 2010, Lois Barber

 

Comments

[Ayke]

Using the wind to produce eicltrecity in large quantities is a fairly new concept. Using the wind for power has been around as long as boats first used a sail to move it through the water.Going Green is right that it will not become dominant because it is unpredictable. The problem with some of the others becoming major sources of power is the same. I live in the northern latitudes, where we get a lot of cloudy weather. We could not depend on solar as our main source of energy. There are a lot of days the wind is not blowing at all, especially in the summer. There are some places trying geothermal, but they have to go down so far to find the necessary heat, that the cost is too high to be practical.There are no quick and easy solutions to the problem of alternatives to fossil fuels, and there won't be any time soon.