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Extending the Production Tax Credit
by Greg Martin, click here for bio
Program: Line on Agriculture
Date: May 04, 2012
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Extending the Production Tax Credit. I’m Greg Martin as Line On Agriculture presents the Harvest Clean Energy Report.
Doing something environmentally and energy correct is a responsible thing to do in today’s world and it helps when you can get a little help doing it. Washington’s Congressman for the 8th District, Dave Reichert has been working to make sure the Production Tax Credit does not go away for renewable energy users.
REICHERT: The Production Tax Credit has actually been in existence since 1992. And so it’s been extended a number of times under both Republican and Democrat administrations and majorities - Congress and in the White House. And actually what the credit does - any tax credit - especially when you look at the Production Tax Credit you actually have to produce a product and then on your income tax you have to show that you’ve produced that product, you have to apply for the tax credit.
Reichert says the bill covers geo-thermal, wind, bio-energy, land-fill waste and hydro but the exception is solar.
REICHERT: This isn’t a grant, it’s not a stimulus package, it’s not giving tax-payers dollars directly to picking winners or losers, this is a tax credit where a business has to show that they are actually producing a product and then they get the credit.
Federal lawmakers warn that states stand to lose wind industry jobs if Congress fails to pass legislation to extend the federal tax break which is due to expire at the end of this year.
REICHERT: Most of the Republicans I talk to are in favor of all of the above and there are a lot of them who support a tax credit over - versus the other methods that have been used to support outside entities and whatever product they might be trying to produce.
He says that a lot of producers are looking to wean themselves off the tax credit...eventually.
REICHERT: When you start something new, a new technology, certainly there’s going to be fits and starts and failures and successes. And when you look at wind energy there has been a progression of increased technology that has resulted in the production of more energy produced by windmills. So in the case of wind energy, because that’s what most people are associating the Production Tax Credit with, they are the ones who to be honest with you are about the only ones who are looking forward into the future.
For additional information on clean energy, visit harvestcleanenergy.org. That’s today’s Line On Agriculture. I’m Greg Martin on the Ag Information Network.???www.harvestcleanenergy.org
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