Submits statement to House Ways and Means Committee calling for action to avoid uncertainty
Washington, D.C. - Congressman Dave Loebsack today joined a bipartisan group of lawmakers in calling on the House Ways and Means Committee to include a renewal of the Production Tax Credit (PTC) for renewable energy in upcoming tax legislation. As a cosponsor of the American Renewable Energy Production Tax Credit Extension Act of 2011, Loebsack has pushed to end the current uncertainty caused by the approaching expiration of the credit and bring attention to the wind energy industry in Iowa. He has visited numerous wind industry facilities throughout Iowa that create good jobs in the state and promote economic development.
"The wind industry is creating thousands of jobs across the country, supporting the work of hundreds of wind?related manufacturing facilities, and offering lease payments to thousands of farmers," the Congressmen expressed to the Ways and Means Committee leadership. "The uncertainty caused by the looming expiration of the credit is already hampering future industry growth. Given our expanding but still fragile economy, now is not the time to undermine these substantial public and private investments."
Earlier this year, Loebsack wrote to House Speaker John Boehner calling for action on the renewal of the PTC for wind energy. A copy of the statement Loebsack and a bipartisan group of his colleagues submitted to the Ways and Means Committee for the hearing today, is below.
April 26, 2012
The Honorable Pat Tiberi
Chairman
U.S. House Ways and Means Subcommittee on Select Revenue Measures
106 Cannon House Office Building
Washington, DC 20515
The Honorable Richard Neal
Ranking Member
U.S. House Ways and Means Subcommittee on Select Revenue Measures
2208 Rayburn House Office Building
Washington, DC 20515
Dear Chairman Tiberi and Ranking Member Neal:
As you evaluate tax provisions that either expired in 2011 or will expire in 2012, we write to highlight our belief that extension of the production tax credit is firmly in the national interest and a vital component of America's future competitiveness and we urge its inclusion the next available piece of tax legislation.
The wind industry is creating thousands of jobs across the country, supporting the work of hundreds of wind?related manufacturing facilities, and offering lease payments to thousands of farmers and ranchers. Thirty?eight states have utility?scale wind projects, powering more than 12 million homes. Wind energy drives the diversification of our energy supply and strengthens our resilience to energy related challenges, while improving our national energy security. Additionally, the more than 40,000 megawatts of wind power installed through 2010 annually avoids 83.5 million tons of carbon pollution.
The production tax credit, which enjoys broad support across regions and across the political spectrum, has underwritten many of these developments. In fact, there is a strong correlation to industry growth and the existence of the credit. In years following expiration of the credit, for instance, installations dropped between 79?93%, resulting in major job losses and lost opportunities. The uncertainty caused by the looming expiration of the credit is already hampering future industry growth. Given our expanding but still fragile economy, now is not the time to undermine these substantial public and private investments.
Thank you for your careful consideration of this incentive.
Sincerely,
Dave Loebsack
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