On September 23, the U.S. Congress passed a major tax bill (H.R. 1308) that extends a number of individual and business tax provisions, including the production tax credit (PTC) for new wind, closed-loop biomass, and poultry waste facilities. The President has indicated that he will sign the bill. The PTC, originally created in the Energy Policy Act of 1992 and extended several times since, provides an inflation-adjusted tax credit of 1.5¢/kWh for electricity generated from qualifying projects during the first 10 years of operation. The credit expired at the end of 2003 and the new law extends the PTC to December 31, 2005, retroactive from the start of 2004.
News Release - Wind Energy Tax Incentive Wins Extension to End of 2005