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Senator Jeff Flake PTC “zombie credit”

May 15, 2014

PTC is a tax subsidy for the wind energy industry that is temporary but been around since 1992 having been extended eight times and is up for ninth extension in U.S. Congress.

U.S. Senator Jeff Flake from Arizona took to the floor of the Senate on Monday to speak about these wind energy tax credits.

See from CapitolWords: “Energy Savings And Industrial Competitiveness Act Of 2014—Resumed” with full floor quotes from Senator Flake on Monday May 12:

In 1992, the PTC was temporarily established to promote development of renewable energy–electricity, particularly. This was for the then-fledgling wind power industry.

Congress gave energy producers a lengthy 7-year window to take advantage of and prepare for the eventual expiration of this tax credit in 1999. But as we know, here in Washington, very few of these programs are temporary. So here we are 15 years later, and the PTC is still hanging around.

Since its inception, this credit has been extended eight times. Having expired on January 1 of this year, there is now another effort afoot to resurrect what can only be described as a zombie credit. Do we really need a ninth extension? Wouldn’t it be more intellectually honest to decide, if this government’s policy is worth it, to simply permanently renew? Yet we go through this exercise year after year.

And see CSPAN2 video of Senate session May 12th at timestamp 04:54:22.

zombie senator jeff flake

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From → politics, taxes

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