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21 December 2006 -- The Production Tax Credit (PTC) for wind and other renewable energy technologies will be extended for one additional year -- through December 31, 2008 -- as part of a tax and trade policy bill passed during the closing hours of the 109th Congress.
President George Bush is expected to soon sign the measure into law. The PTC, which was scheduled to expire on December 31, 2007, provides a 1.9 cent-per-kWh tax credit for electricity generated over the first ten years of a project's operation.
This is the second time that Congress has approved an extension of the production tax credit before it expires and proponents of renewable energy celebrated the favorable legislation.
"The extension needs to take place at least eight months in advance of expiration to avoid a slowdown in the market, so this action by Congress comes at the right moment: the timely extension provides the stability that companies need to plan for growth and meet the nation's fast-increasing demand for renewable energy," said American Wind Energy Association (AWEA) Executive Director Randall Swisher.
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