Failure to agree an extension of the tax break would result in its expiration at the end of the year – a scenario that experts claim would have a chilling effect on projects throughout the year.
‘The stakes here could not be clearer,’ American Wind Energy Association chief executive Denise Bode said in a statement. ‘Economic studies have shown that Congressional inaction on the PTC will kill 37,000 American jobs, shutter plants and cancel billions of dollars in private investment. Congress needs to understand that, with PTC uncertainty, layoffs have already begun and further job losses and even plant closings will accelerate each month as we near expiration in December.’
She added that the tax credit has significant bi-partisan support, while companies as diverse as Nike, Campbell Soup and Yahoo have all gone on record to call for the tax break to be extended.