wind production tax credits

TREASURY INSPECTION FINDS HALF OF BIG WIND AND SOLAR COMPANIES EXAMINED ARE ILLEGALLY DOUBLE-DIPPING TAXPAYER FUNDS

 

By Miriam Raftery

More troubling issues are coming to light regarding renewable energy developers and their projects. The Treasury Inspector General for Tax Administration inspected records for 16 big renewable energy companies--and found that half had been double dipping. 

The IRS says that many more wind and solar development owners may be taking money they are not entitled to, Rewire Magazine reports.   Projects subsidized by the federal stimulus program are not eligible to also pocket wind power tax credits.  The IRS says it doesn’t have way to check – but believes that over half the stimulus grant recipients should have audits to take a closer look.

WIND PRODUCTION TAX CREDIT EXTENSION ADDED TO “FISCAL CLIFF” DEAL: CONGRESS TO VOTE SOON

 

UPDATE:  The President has signed into law a fiscal cliff deal that includes extension of the wind production tax credits, and also makes it easier for wind develpers to get them.  Projects now only need to break ground to qualify, not meet construction milestones.

December 31, 2012 (San Diego's East County) – ECM sources in Washington have informed us that language to extend $12 billion in wind production tax credits through 2013 have been added to a tentative deal reached to avert the “fiscal cliff.”  Senate leaders and  President Barack Obama have agreed on the deal, which the Senate is expected to vote on tonight. The House, however, has adjourned and will likely vote tomorrow or the next day.

Extension of the wind tax credits could have major ramifications for San Diego’s East County, where  Iberdrola’s Tule Wind has been approved but not yet built. Other wind projects are also proposed in our region. The wind industry has indicated that without a tax credit extension, many planned wind projects may not be built.

A national effort has been launched by wind power opponents asking citizens to urge Congressional members to oppose any deal that includes a wind tax credit extension. Local residents are among those contacting their Senators and House representatives to urge that wind production tax credit extensions not be granted.