Wind energy is an important industry in the United States, and although the wind energy tax credit has long owned bipartisan support, it is scheduled to expire at the end of December. While I would like to thank U.S. Rep. Tom Latham and others for their continued support of the wind energy industry, something must be done to extend the tax credit before it is too late.
The wind Production Tax Credit (PTC) has promoted renewable energy, job creation and economic stability throughout the country. Its expiration in a few months already has caused a number of layoffs in states, including Iowa, because manufacturers fear the instability of the policy and the loss of investors.
The expiration also will disallow for any new wind energy production in 2013, causing a major loss in such an innovative renewable energy. A few companies here in Iowa have laid off employees due to the uncertainty of the PTC. Clipper Wind Power and Siemens have cut more than 600 jobs combined in Iowa.
With the economy struggling to regain its foothold, now is not the time to be cutting jobs.
I urge Latham and the Iowa delegation to do all they can to ensure the Production Tax Credit is renewed. This is an easy fix to keep jobs here in Iowa.
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