GRASSLEY HELPS WIN SENATE PASSAGE OF UNCAPPED WIND ENERGY TAX CREDIT
Iowa Senator Works to Reclaim Full Incentive After Second Gutting By House of Representatives
Senator Chuck Grassley today said that a full, uncapped extension of the wind energy tax credit was included in the Housing Act that passed the Senate. Grassley is the father of the first-ever wind energy production tax credit, having sponsored the legislation that created the incentive in 1992.
Grassley has pushed for a full and uncapped credit, despite actions by the House of Representatives last year and this year to cap the amount of credit that wind energy producers can receive. Today was the second time that Grassley has secured strong Senate support for an uncapped wind energy tax credit, after House action to diminish the renewable energy policy. Today's vote on the amendment, which Grassley cosponsored, was 88 to 8. The existing credit for wind energy production is set to expire at the end of this year.
"Iowans take great pride in their efforts to generate energy from renewable sources. They took a great renewable resource like wind and made it into a tremendous energy source for our state," Grassley said. "I don't know why we would want to cap the major driving force behind the investment in wind. The uncapped credit is better for consumers and producers of wind energy."
Iowa is first in the nation in wind generation on a percentage basis. The state obtains 5.5 percent of its electricity from wind energy, according to the American Wind Energy Association. Iowa is fourth in total wind energy generation with 1,271 megawatts.
The wind production tax credit is, in large part, responsible for the growing wind manufacturing industry in Iowa, including the creation of hundreds of jobs by companies such as Siemens, Acciona, TPI, and Hendricks Industries.
"Wind energy has not only helped power many parts of Iowa, but it has provided millions of dollars in economic activity in struggling communities. Wind is an affordable and inexhaustible source of domestically produced energy. We can't afford not to do everything possible to capture and grow this renewable source of energy," Grassley said.