U.S. Rep. Mike Pompeo, R-Wichita, announced Tuesday the House bill to eliminate the renewable energy production tax credit – which benefits the wind industry – has garnered its 50th cosponsor.
Pompeo is the only Kansan in Congress who is co-sponsoring the bill. The 50 co-sponsors all are Republicans. The largest contingent comes from Texas, where 10 members of its delegation are sponsoring the bill.
The legislation would amend the federal tax code to phase out and eliminate the tax credit for production of electricity from renewable sources. It would repeal the inflation adjustment for current recipients of the tax credit and modify the “beginning of construction” requirement to require that construction of an eligible project is continuous and makes significant progress, according to a summary of the legislation.
The bill also would reduce the corporate income tax by an applicable percentage based on increases in revenues resulting from this bill, the summary said.
“With a skyrocketing $18 trillion debt and an industry that is more than capable of standing on its own, there is no reason why the federal government should continue to subsidize the wind energy industry,” Pompeo said in a statement.
The drive to eliminate the production tax credit has been endorsed by a coalition of conservative groups, Pompeo’s press release pointed out. They include Heritage Action for America and Americans for Prosperity.