Rep. Dave Reichert (R-WA) and Earl Blumenauer (D-OR) have introduced legislation aimed at extending the Production Tax Credit, or PTC.
First conceived in 1992 as part of the Energy Policy Act (H.R. 776), the PTC has been renewed year after year and also incorporated into the Energy Policy Act of 2005 as part of that Act’s Renewable Energy Production Incentives. The PTC currently provides a 2.2-cent per kilowatt-hour (kWh) on wind, closed-loop biomass, and geothermal resources for the first decade of a renewable energy facility’s life. Other renewable forms of energy receive a tax credit of 1 cent per kWh.
