Hevesi Calls on Congress to Extend Production Tax Credit
Assemblyman Andrew Hevesi (D-Queens) chairman of the Assembly Subcommittee on Renewable Energy, reached out to Washington today urging Congress of the importance of extending the Production Tax Credit (PTC), a credit he believes is vital to the future growth of the renewable energy sector in New York State. The debate of the extension of this credit came up in conjunction with discussions over the extension of payroll tax cuts. Assemblyman Hevesi sent letters to the entire New York City Congressional Delegation, Senators Schumer and Gillibrand, and ranking members of the House Committee on Energy and Commerce detailing the renewable energy benefits this tax credit provides for both New York State as well as the rest of the country.
The PTC was originally passed in 1992 to encourage manufacturers to begin developing renewable energy facilities that used wind, solar, and geothermal resources for energy production. While the credit was extended and retired numerous times between 1992 and 2006, during the past five years of continuous implementation the wind energy industry has seen an average annual growth rate of 35%. Wind turbine energy production has spread across the country to 38 states, with enough power generated annually to power 10 million American homes. Assemblyman Hevesi has long been an advocate for New York State to reach its Renewable Portfolio Standard energy goals and believes this tax credit is essential in creating manufacturing jobs and bringing clean, affordable, and dependable energy to New York State.
“The production tax credit has been one of the most significant contributing factors to the expansion of renewable, and in particular wind, energy facilities throughout this state and across the country,” Hevesi said. “This is an example of good fiscal policy that quite literally creates a more sustainable future.”