Boston– Yesterday President Obama signed into law a bill that extends key tax credits for wind power and averts the ‘fiscal cliff.’ The main federal incentives for wind power – the renewable energy Production Tax Credit (PTC) and the offshore wind Investment Tax Credit (ITC) – expired on December 31, 2012, but the new law ensures credits will now be available for wind power projects that start construction over the next year, allowing for continued growth of Massachusetts and American wind power. Environment Massachusetts staff and supporters played a key role in building support for wind energy as the 'fiscal cliff' approached.
Environment Massachusetts’ Federal Field Associate released the following statement:
"President Obama and our Senators Kerry and Brown made the New Year a happy holiday for our health and our environment by extending critical tax credits for wind energy.
“Wind powers nearly 13 million homes across the country already. Massachusetts could increase this number by an additional 1.5 million homes as we harness the potential off our coasts. Our current national wind energy capacity also reduces air pollution by avoiding 137,000 pounds of smog-forming emissions and 91,000 pounds of soot-forming emissions every year.
“We applaud our leaders for recognizing these tremendous benefits to our health and environment and for acting to ensure the continued development of pollution-free wind energy.”