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US Senate approves crucial wind tax credit

3 Aug 2012

The US Senate has approved an extension to the production tax credit, seen as vital to the growth of the sector across the country.

Shares in Danish wind turbine manufacturer Vestas lifted in early morning trading today after the committee passed an extenders package with overwhelming bipartisan support of 19-5.

The American Wind Energy Association (AWEA) said the steps taken by the Senate Finance Committee will extend critical tax relief to save 37,000 jobs in the sector.

‘We applaud the committee for this act of leadership to move critical policies forward in a difficult environment,’ said Denise Bode, CEO of the AWEA.

‘This was an extremely important step to provide critical certainty to keep people at work in wind energy manufacturing and construction.’

Also in the committee’s markup is an extension of the Investment Tax Credit, which provides an incentive for the development of offshore and community wind projects.

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