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Wind-Energy Group Backs Six-Year Phase-Out for Tax Break

Dec 13, 2012
Source: 
(Bloomberg)

The wind-energy industry asked Congress to extend a tax break for six years, a time frame it said was long enough to cut costs and short enough to ease fears the credit will become a permanent part of the tax code.

The American Wind Energy Association, whose members include General Electric Co. (GE)and the U.S. unit of Siemens AG (SIE), offered the proposal yesterday in a letter to Senator Max Baucus, a Montana Democrat and chairman of the Finance Committee, and other members on the tax-writing panel.

Wind-energy companies have urged Congress for months to extend the so-called production tax credit, which is set to expire this month. The break shaves as much as a third of the costs to generate wind power, and industry advocates contend its loss could cost thousands of jobs. Under the proposal, the credit’s value would fall gradually over the six years.