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Friday, January 9, 2009 12:11 PM CST
Braley touts wind energy tax credit
Legislators expected to debate labor and management issues
More budget cuts may be on the way
Iowa GOP set to name new state party leader
Legislators prepare to swap presidential portrait
Braley touts wind energy tax credit
Man pleads to 34 hunting violations; faces license suspension for 17 years
Obama portrait to go up in Statehouse
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Braley touts wind energy tax credit
By ED TIBBETTS, Courier Lee News Service
DAVENPORT --- U.S. Rep. Bruce Braley, D-Iowa, said Thursday he has introduced a bill to extend the wind energy production tax credit until 2017.
The current credit, which was extended last year, is set to expire at the end of this year.
Braley, a Waterloo attorney, told reporters Thursday a long-term extension will create some certainty in the market and spur greater development.
Wind projects can take years to develop, and developers often hesitate to build if there's uncertainty the credits will be available, according to renewable energy advocates.
"The most important thing we can do to make wind-energy development in Iowa a long-term prospect is to expand the length of that credit," Braley said.
Iowa ranks fourth in the nation in wind-energy production, at 1,273 megawatts, or enough to power 320,000 homes. There's capacity for much more, however.
The American Wind Energy Association says Iowa is among the top 10 states in production potential. The association has asked for a five-year credit, and a spokesman said Thursday a long-term incentive would help "dramatically."
The credit, which was created in 1992, provides a 2.1-cent incentive per kilowatt-hour of production.
Greg Wetstone, a spokesman for the industry association, said when the credit lapses, there's a steep drop in wind capacity. Once reinstituted, there's a sharp rebound.
The past three years the credit has been steadily available and capacity grew at a record pace, association figures say.
Even with a long-term credit, however, there's a more pressing need in the wind industry at the moment.
Because of dwindling profits, the tax credits aren't as valuable as they once were. As a result, the association's short-term goal is to get Congress to craft a provision in the stimulus bill to make the credit refundable.
That would continue to provide a financial incentive for wind-energy production.
Jeff Giertz, a Braley spokesman, said the congressman would be open to any idea to improve the industry.
President-elect Barack Obama has proposed extending the production credit for five years and requiring that 10 percent of electricity come from renewable sources, including wind.
He also has said that he wants to see renewable energy be an important part of the stimulus package.
Contact Ed Tibbetts at (563) 383-2327 or etibbetts@qctimes.com.
The current credit, which was extended last year, is set to expire at the end of this year.
Braley, a Waterloo attorney, told reporters Thursday a long-term extension will create some certainty in the market and spur greater development.
Wind projects can take years to develop, and developers often hesitate to build if there's uncertainty the credits will be available, according to renewable energy advocates.
"The most important thing we can do to make wind-energy development in Iowa a long-term prospect is to expand the length of that credit," Braley said.
Iowa ranks fourth in the nation in wind-energy production, at 1,273 megawatts, or enough to power 320,000 homes. There's capacity for much more, however.
The American Wind Energy Association says Iowa is among the top 10 states in production potential. The association has asked for a five-year credit, and a spokesman said Thursday a long-term incentive would help "dramatically."
The credit, which was created in 1992, provides a 2.1-cent incentive per kilowatt-hour of production.
Greg Wetstone, a spokesman for the industry association, said when the credit lapses, there's a steep drop in wind capacity. Once reinstituted, there's a sharp rebound.
The past three years the credit has been steadily available and capacity grew at a record pace, association figures say.
Even with a long-term credit, however, there's a more pressing need in the wind industry at the moment.
Because of dwindling profits, the tax credits aren't as valuable as they once were. As a result, the association's short-term goal is to get Congress to craft a provision in the stimulus bill to make the credit refundable.
That would continue to provide a financial incentive for wind-energy production.
Jeff Giertz, a Braley spokesman, said the congressman would be open to any idea to improve the industry.
President-elect Barack Obama has proposed extending the production credit for five years and requiring that 10 percent of electricity come from renewable sources, including wind.
He also has said that he wants to see renewable energy be an important part of the stimulus package.
Contact Ed Tibbetts at (563) 383-2327 or etibbetts@qctimes.com.
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More Stories from News » Politics
Legislators expected to debate labor and management issuesMore budget cuts may be on the wayIowa GOP set to name new state party leaderLegislators prepare to swap presidential portraitBraley touts wind energy tax creditMan pleads to 34 hunting violations; faces license suspension for 17 yearsObama portrait to go up in Statehouse
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DISCLAIMER: The Courier provides our story commenting feature in order to solicit feedback, debate and discussion on topics of local interest. Please keep in mind that civility is a necessary component of productive conversation. All blatantly inflammatory or otherwise inappropriate comments (i.e. vulgarity, marketing, etc.) are subject to rejection and/or removal. Comments will appear if and when they are approved. For a more in-depth explanation of our policy, please see our Rules of the Road. Thanks for reading, and thanks for participating.
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conservativeme wrote on Jan 9, 2009 12:17 PM: