Wind tax credit extension passed by Senate Committee

BY DI STAFF | APRIL 04, 2014 5:00 AM

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A key U.S. Senate committee passed an extension to a wind energy tax credit just days after its future was in jeopardy.

The wind energy tax credit is a part of the Renewable Electricity Tax Credit, which was created in 1992 for energy produced by wind and other renewable sources.

The credit was not included in an overall bill before Thursday, which extends a wide variety of other expired incentives.

According to the committee’s documents, the credit would be extended until Dec. 31, 2015, at an estimated cost of $13.35 billion over 10 years.

The legislation will now await a vote from the entire Senate sometime in the future.

Sen. Chuck Grassley, R-Iowa, who is on the committee, filed the amendment with support from other members. Iowa’s congressional delegation has continued to push for renewing the credit after it lapsed at the beginning of the year.

— by Brent Griffiths

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