Denise Bode, August 22, 2012 (Huffington Post)
“As the prospect of Congress extending wind energy's primary incentive, the federal Production Tax Credit (PTC), has grown in recent weeks, so have both support and criticism…Des Moines, Denver, Chicago, Oklahoma City, Houston, New York and other papers] have all editorialized in favor…[while The Wall Street Journal] continued its steady drumbeat of broadsides against renewable energy in general and the wind tax credit in particular…”
click to enlarge“Historically, all energy sources have been encouraged by government, and for good reason. Ensuring a steady supply of domestic energy is vital to the productivity of our national economy…A recent study from the Congressional Research Service (CRS) points out that traditional energy sources enjoy an enormous advantage with regard to tax relief and other incentives…[because] federal energy tax policy focused almost exclusively [for over half a century] on increasing domestic oil and gas reserves and production…[and] remain in the tax code… “That advantage is permanent, allowing for a stable business environment that wind energy is deprived of because of on-again, off-again federal policies…Renewable energy sources are not receiving excessive support…[T]he federal commitment to [oil and gas] was five times greater than the federal commitment to renewables during the first 15 years of each [incentive's] life, and it was more than 10 times greater for nuclear…”
click to enlarge“Wind energy's incentive is tax relief…in the form of a federal tax credit. To call tax relief a subsidy is to assume that all money belongs to the government. Rather, a tax credit simply leaves more money in private hands. In this case, anyone who makes renewable energy qualifies. The result has been the creation of over $15 billion a year in private investment and 75,000 privately financed jobs in wind power…[and wind's] incentive, the Production Tax Credit, has strong bipartisan support…[GOP strategist Karl Rove] called it something Republicans and Democrats can agree on…”
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