The Production Tax Credit
First, I would like to thank current Iowa congressmen for their continued support of the wind energy industry. In states like Iowa, wind energy fuels homes, provides jobs, and aids in stabilizing a shaky economy.
The Production Tax Credit (PTC) is an effective tool enacted by Congress to keep electricity rates low and encourage renewable energy projects. Partly because of the PTC, the wind energy industry has been able to lower the cost of wind energy manufacturing, provide power to over 10 million homes nationwide, and aid in economic development across the board.
The PTC, however, is scheduled to expire at the end of December 2012. This expiration has already fostered job loss in the industry and in Iowa. Without policy security and a consistent tax credit, developers and manufacturers have lost the support of many investors to the point where some have no projects scheduled for 2013. The Iowa Lakes Corridor region has new wind farm developments on hold; the projected investment of these developments is estimated at over $500 million. The region has also has one of the premier wind energy technician training programs in the United States at Iowa Lakes Community College. We are working to add other types of businesses and jobs to build upon this industry, but it is in jeopardy or uncertain without the extension of the PTC. I urge Congress to adopt a more consistent tax credit policy for wind energy and to support the American Renewable Energy Production Tax Credit before it's too late.
Kathy J. Evert, President & CEO
Iowa Lakes Corridor Development Corporation