Eliminating Special Interest Tax Handouts

Press Release

I have introduced the PTC Elimination Act with Congressman Mike Pompeo (R-Kan.). This legislation would scale back and repeal the Production Tax Credit (PTC) to bring greater fairness to our tax code and enhance U.S. economic competitiveness.

Since its creation over 20 years ago, the PTC has ballooned from a temporary boost for energy innovation into a massive special interest handout for the fully-matured, multibillion-dollar wind industry. This has distorted the market and come at a huge cost to the American taxpayer. In fact, the wind industry now regularly produces more energy than the market demands but continues to receive billions of dollars in taxpayer support.

The PTC Elimination Act would begin an immediate phase-out of this no longer needed tax credit, completely dismantle its statutory framework, and use the estimated $10 billion in savings to strengthen the competitiveness of American businesses both at home and in the global marketplace. More information about the bill can be found at the links below.

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