Posted on: Jun 01, 2020
Friends of Coal West is asking you to contact your Members of Congress and urge them to reject any further tax extenders that tilt the playing field in favor of renewable energy sources such as wind and solar. After all, a moratorium on renewable tax extenders had been agreed upon several years ago. The production tax credit that was included in the federal budget bill passed in December already went back on this promise.
The PTC was first enacted in 1992 and has been extended 12 times. The latest extension allows facilities that begin construction in 2020 to be eligible. Previously, construction had to start in 2019. There is a high likelihood the credit could be extended again unless we take action. The extension, along with “Safe Harbor” rules of the IRS (which allow the wind developer to put a relatively small percentage of investment in the current year to hold the credit for another 4 years) give the wind developers another 14 years of credit with taxpayer money. The outcome is coal plant operators are switching to subsidized and unreliable wind (and solar) power. We, the taxpayers, are subsidizing wind and solar and at the same time, LOSING OUR JOBS!
Let your voice be heard. Contact your member of Congress and tell them “no” to tax extenders and “yes” to supporting coal jobs.