American Wind Energy Association says tax reform bill reneges on agreement, puts jobs at risk
The American Wind Energy Association (AWEA) criticized the tax reform bill unveiled Thursday by House Republican leaders, saying it would renege a 2015 tax agreement to extend the wind energy Production Tax Credit (PTC).
The PTC allows for a tax credit for each kilowatt-hour generated and was created by Congress as a tool for wind developers to access capital. Congress passed a bipartisan extension and phase out of the tax credit in 2015, which ends after 2019.
AWEA said the proposal puts at risk more than $50 billion in planned investment supporting manufacturing, rural jobs, and energy growth.
“Despite comments to the contrary, this proposal reneges on the tax reform deal that was already agreed to, and would impose a retroactive tax hike on an entire industry,” Tom Kiernan, CEO of the American Wind Energy Association, said.
Navigant Consulting projects, AWEA noted in a press release, that preserving stable investment policy during the phase-out period would create $85 billion in economic activity and 50,000 U.S. jobs through the end of President Trump’s first term.
“The House proposal would pull the rug out from under 100,000 U.S. wind workers and 500 American factories, including some of the fastest growing jobs in the country,” Kiernan said. “We expect members of the House and Senate to oppose any proposal that fails to honor that commitment, and we will fight hard to see that wind energy continues to work for America.”
The Tax Cuts and Jobs Act, introduced by House Ways and Means Committee Chairman Kevin Brady (R-TX), would reform the U.S. tax code for the first time in more than 30 years. The House Ways and Means Committee will begin a markup period today. If the bill passes this year, the majority its provisions will take effect at the beginning of 2018.
