Extending tax credit before end of next year would boost jobs and growth in wind energy sector 

Washington, DC - Rep. Bruce Braley (IA-01) today urged Republican and Democratic House leaders to include legislation extending the wind energy production tax credit for another four years in any year-end tax cut extension deal.

Congressional leaders are negotiating an agreement to extend a number of job creation tax cuts that are set to expire at the end of this year, including a payroll tax cut and a biofuels tax credit.

In a letter to House leadership, Braley said that an immediate, four-year extension of the wind energy production tax credit would provide more certainty for the wind energy industry, encouraging increased investment and job creation.  Historically, investment in wind energy projects has collapsed when the wind energy production tax credit has been allowed to expire.

"Though the Production Tax Credit isn't set to expire until the end of 2012, wind project developers are hesitant to schedule future projects without the certainty of having this credit extended," Braley wrote.  "When the credit has expired in the past, the installation of new wind turbines dropped as much as 93 percent, with corresponding job losses.  By not waiting until the last minute, we can maintain certainty for investors and continue to create jobs in this growing industry."

At the beginning of November, Braley introduced the American Renewable Energy Production Tax Credit Extension Act, a bill that extends the wind energy production tax credit for another four years.  Without Congressional action, the existing wind energy production tax credit will expire at the end of 2012.

Wind energy is a major growth industry in Iowa.  Iowa is first in the nation in per-capita wind energy production, and second nationally in total annual wind energy production in megawatt-hours.  According to the Iowa Wind Energy Association, the Iowa wind energy industry already employs over 3,000 full-time workers.  That number could grow with a more certain investment climate for the wind energy.

The text of Braley's letter to House leaders is below; a copy can be viewed at the following link: http://go.usa.gov/5YT

--

November 29, 2011

Speaker John Boehner

H 232, U.S. Capitol

Washington, D.C. 20515

Minority Leader Nancy Pelosi

H 204, U.S. Capitol

Washington, D.C. 20515

Majority Leader Eric Cantor

H 329, U.S. Capitol

Washington, D.C. 20515

Minority Whip Steny Hoyer

H 148, U.S. Capitol

Washington, D.C. 20515

Dear Speaker Boehner, Leader Cantor, Leader Pelosi and Minority Whip Hoyer,

I urge you to include the American Renewable Energy Production Tax Credit Extension Act, which would extend the production tax credit (PTC) for four years, as part of any tax extenders package that may be considered before the end of the year.  Extending this credit is essential to maintaining and expanding a domestic wind energy industry.

Wind is still a comparatively new energy industry and we must have a consistent and long-term federal policy to encourage continued investment. Even though the production tax credit isn't set to expire until the end of 2012, wind project developers are hesitant to schedule future projects without the certainty of having this credit extended. When the credit has expired in the past, the installation of new wind turbines dropped as much as 93 percent, with corresponding job losses.

By not waiting until the last minute, we can maintain certainty for investors and continue to create jobs in this growing industry.

Wind has already had a positive impact on our economy and added 40 percent of all new electricity capacity between 2008 and 2009. It has provided a steady source of income for thousands of farmers and ranchers, with Iowa landowners making roughly $12.6 million per year leasing land for turbines. Additionally, over 400 manufacturing facilities across the U.S. now make major turbine components, towers, and blades. In Iowa alone, the wind industry supports more than 3,000 jobs with a combined payroll of over $70 million per year.

Wind energy is helping meet America's increasing demand for electricity. Please consider a long-term extension of the wind PTC to make sure that this industry continues to create jobs and be part of a long-term solution to meet our energy needs.

Sincerely,

/s/ Bruce Braley

Member of Congress

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DES MOINES, IA (11/29/2011)(readMedia)-- State Treasurer Michael L. Fitzgerald is offering a helping hand to teachers across the state for the Iowa Assessment Test by providing students with a new number two pencil to use on test day. The treasurer's program, Prepare for the Basics, is a no-cost program being offered to 2nd and 3rd grade teachers. Last year the program distributed over 12,800 pencils to schools statewide. "Testing helps teachers monitor the growth of students' basic skills," Fitzgerald said. "This program is a small gesture of appreciation to our teachers for their hard work."

Along with the new pencil, students will receive information to take home about College Savings Iowa. College Savings Iowa is a state-sponsored 529 plan designed to help Iowa families meet the continually increasing costs of higher education while providing them with multiple tax benefits, including a $2,865 deduction per account from their 2011 state taxable income.* "Families who begin saving early are better prepared to meet the future educational needs of their children," Fitzgerald stated. "Saving ahead of time may reduce the need to borrow for college, which can help families-and their children-get to graduation with less debt."

Teachers who would like to take part in the Prepare for the Basics program are encouraged to go to the treasurer's website at www.treasurer.state.ia.us. They can register by clicking on the Education tab and then clicking on the Prepare for the Basics Campaign. To ensure timely arrival, materials should be requested at least two weeks prior to testing. The materials will be delivered directly to the participating schools. Supplies are limited, so early registration is advised. For more information about this program, or College Savings Iowa, please visit www.collegesavingsiowa.com or call 1-888-672-9116.

*Adjusted annually for inflation. If withdrawals are not qualified, the deductions must be added back to Iowa taxable income.

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SPRINGFIELD - November 28, 2011. The Office of Governor Quinn today issued a statement after reaching an agreement on the Fiscal Year 2012 budget with legislative leaders.

"After working closely with the General Assembly this veto session, we have reached a bipartisan budget agreement that achieves the goal of keeping the seven state facilities slated for closure open throughout this fiscal year using existing state resources."

"Reallocation will allow us to move towards the Administration's long-term goal of more thoughtful, properly supported and successful community care transitions. We thank Senate President John Cullerton, Senate Leader Christine Radogno, House Speaker Michael Madigan, House Leader Tom Cross, and their staff members for their bipartisan cooperation and hard work."