Bush Signs Production Tax Credit for Wind Energy

PTC granted two-year extension.

Published: 11-Mar-2002

SAN FRANCISCO, March 11 (Reuters) - The U.S. wind power industry on Monday welcomed a two-year extension of a key federal tax credit, saying it will restore momentum to an industry that saw record growth last year but then froze in its tracks due to a delay in the credit.

The wind energy Production Tax Credit (PTC) -- an important factor in financing new wind power projects -- was part of the economic stimulus bill signed on Saturday by President George W. Bush.

The PTC, which had expired on Dec. 31, will be extended retroactively from that date to Dec. 31, 2003. It provides a 1.5 cent-per-kilowatt-hour tax credit for electricity generated by wind turbines.



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