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Hanna pushes to end wind production tax credit
Credit: By STEVE HUGHES | Observer-Dispatch | Posted Nov 26, 2013 | www.uticaod.com ~~
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Translate: FROM English | TO English
UTICA – U.S. Representative Richard Hanna, R-Barneveld, and 52 other House members urged on Ways and Means Committee Chairman Dave Camp, R-Michigan, to allow the wind production tax credit to expire at the end of 2013 as scheduled.
Since its establishment in 1992, the tax subsidy for wind energy production has grown in both eligibility and cost.
Today, the credit subsidizes wind energy production at a rate of 2.3 cents per kilowatt.
According to the Joint Committee on Taxation, a one-year extension of the tax credit would cost $6 billion and a five-year extension would cost more than $18 billion.
The Department of Energy reported that wind electricity was the leading source of new power in 2012, overtaking natural-gas electricity generation.
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