Energy Industry Groups Fight to Keep Tax Breaks
From Daily Caller
By Michael Bastasch
The oil and wind power industries are both on the move, aiming to extend billions of dollars in tax deductions and credits that have come under fire during the presidential campaign and could possibly be on the chopping block this year.
Some governors are calling for the extensions of tax credits for wind and the oil and the gas industry’s main lobbying groupis launching an ad blitz to drum up support for extending tax deductions.
A bipartisan coalition of 28 governors from wind-heavy states is urging Congress to extend the Wind Production Tax Credit as part of their year-long push to prevent the credit from expiring.
“Due to the uncertainty that has resulted … we have begun to see a negative economic impact and loss of jobs in our states,” Iowa Republican Gov. Terry Branstad, chair of the Governors’ Wind Energy Coalition, said in a phone news conference on Wednesday, which was also attended by Oregon Democratic Gov. John Kitzhaber, Kansas Republican Gov. Sam Brownback and Colorado Democratic Gov. John Hickenlooper.
“Nationally, wind energy drives about $10 to $20 billion a year in private sector capital investment and employs almost 75,000 Americans,” said Kitzhaber, vice chair of the Governors’ Wind Energy Coalition.
The wind PTC is set to expire at the end of this year and has been opposed by House Republicans and conservative groups.
“We’re still providing a $5 billion special tax break each year for an industry that supplies just over 2 percent of our power,” said a joint letter from 88 conservative groups, led by the American Energy Alliance, which oppose the wind PTC extension.
“American consumers — not Washington lawmakers — should decide the future of American energy,” reads the letter, which was also signed by groups such as Americans for Prosperity, Heritage Action, the National Taxpayers Union, the Competitive Enterprise Institute, and the Club for Growth.
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