Wind Industry at Risk of Massive Layoffs With Impending Tax Hike; Oil Companies Continue to Defend Billions in Breaks
WASHINGTON (May 24, 2012) –As President Obama tours a wind facility today in Iowa, pushing Congress to extend vital incentives for wind energy and other clean energy manufacturing, Rep. Ed Markey (D-Mass.) called on his colleagues to support his legislation that would aid U.S. clean energy businesses while ending unnecessary subsidies for the biggest oil companies.
“Congress can help save tens of thousands of wind energy jobs, create thousands more in manufacturing, and cut the deficit, all in one bill,” said Rep. Markey. “If we want to make a positive impact on our economy right now, we should pass the IMPACT Act right now.”
The bill, H.R. 5187, is called the IMPACT Act (Investing to Modernize the Production of American Clean Energy and Technology) and was introduced last month by Rep. Markey and is co-sponsored by Representatives Henry Waxman (D-Calif.), John Larson (D-Conn.), Earl Blumenauer (D-Ore.), Bill Pascrell, Jr. (D-N.J.), Lois Capps (D-Calif.), and John Carney (D-Del.).
It would end subsidies given to the largest oil companies, and instead extend incentives for onshore and offshore wind and other renewable energy production, electric vehicle and clean energy manufacturing, energy efficient appliances and homes, and a new era of natural gas-powered vehicles. The bill would also reduce the deficit by $11 billion over the next decade.
President Obama today called specifically for the extension of the 48c clean energy manufacturing program, for which the IMPACT Act would provide $5 billion in tax credits, as well as the Production Tax Credit, which the IMPACT Act would extend for 8 years.
A summary fact sheet of the bill is available HERE.