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Governors' Wind Energy Coalition

August 3, 2012

To: State Representatives

From: Larry Pearce

Subject: Senate PTC Update

I’m sure that you’re heard by now that the Senate Finance Committee voted to include the PTC in the committee’s tax extenders bill yesterday. The vote to support the extension included all the Democratic members and GOP Senators Chuck Grassley of Iowa and Pat Roberts of Kansas.

Also in the committee’s markup is an extension of the Investment Tax Credit (ITC), which provides an incentive for the development of offshore and community wind projects — a provision that the Coalition has long supported and which makes a very balanced legislative package.

The package includes $17.5 billion worth of energy tax incentives, out of a total 10-year price tag of more than $205 billion. The largest energy credit in the package is the modified one-year extension of the 2.2-cent-per-kilowatt-hour production tax credit, which is set to expire at the end of this year. The production tax credit extension would cost $12.1 billion over the next decade.

Senator Baucus said he hoped to have the package to the Senate floor soon but did not speculate when exactly that would be. It was unlcare when the full Senate would take up the ball, but probably after the November general election. The bipartisan vote in committee bodes well for the measure’s chances of success in the full Senate.

On the House side, Ohio Representative Pat Tiberi is spearheading the lower chamber’s extenders efforts. He said yesterday that his legislation will not be ready until after the November election.

As you know, we drafted a letter from the Coalition to Congressional leadership after our conference call last Friday that we did not send it. We will discuss the Coalition’s House and Senate follow up strategy during our conference call on Friday, August 24.

We still have much work to do. Thanks for all of your help and support.

Have a good weekend.

 

Note: News clips provided do not necessarily reflect the views of coalition or its member governors.