Thursday, October 04, 2012

Liking Green Energy Means Killing It

Mitt Romney also mentioned during Wednesday's debate that he likes green energy. In fact, he likes it so much that he has declared he will kill tax credits for investing in such things as wind power, much to the dismay of Iowa Republicans such as Representative Tom Latham, who said that decision "shows a lack of full understanding of how important the wind energy tax credit is for Iowa and our nation." Even conservative Senator Chuck Grassley wants those tax credits extended. 

Of course, with Romney, one can never be sure of what position he will take when it comes time to act. Some campaign donors are expecting (hoping?) Romney will flip-flop back to his earlier pro-green position. Does that mean Romney was merely pandering to pro-fossil fuels groups when he pooh-poohed solar energy saying, " can't drive a car with a windmill on it." 

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The Production Tax Credit (PTC) was enacted as part of the Energy Policy Act of 1992. Since then it has been extended and modified several times. Most recently, the PTC was included in the American Reinvestment and Recovery Act of 2009. Under the current provisions, wind facilities placed in service by December 31, 2012 and biomass, geothermal, hydropower, hydrokinetic, landfill gas, and municipal solid waste facilities placed in service by December 31, 2013 may qualify for this credit. The credit is available to all taxpayers, including flow through entities such as S corporations and partnerships, and has proven to be a prime incentive for investors in such projects. This credit may be carried back one year and forward 20 years to offset income taxes.

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12:50 AM  

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