2021-05-06
http://w3.windfair.net/wind-energy/pr/3344-usa-rural-wind-in-line-for-tax-break

News Release from American Clean Power Association

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Wind Industry Profile of


USA - Rural wind in line for tax break

AWEA praises U.S. senators for introducing legislation that would allow purchasers of small wind power systems to receive a tax credit for a portion of the turbine’s cost

The American Wind Energy Association recently praised U.S. senators Ken Salazar (D-Colo.) and Gordon Smith (R-Ore.) for introducing legislation that would allow purchasers of small wind power systems to receive a tax credit for a portion of the turbine’s cost.
The “Rural Wind Energy Development Act” (S. 673) would provide a federal tax credit of $1,500 per 0.5 kilowatt (kW) of capacity to purchasers of small wind systems nationwide. This five-year credit would apply to all wind systems with capacities of less than 100 kW that are used to power individual homes, farms or small businesses. Joining Salazar and Smith as original co-sponsors of the bill were Senators Byron Dorgan (D-N.D.) and Larry Craig (R-Idaho).

“There is a great satisfaction in generating your own electricity and doing so in a way that reduces global warming emissions and strengthens the country’s energy security,” says AWEA executive director Randall Swisher. “The bill proposed by senators Salazar and Smith empowers consumers and is good energy policy.”

AWEA’s small-wind advocate, Ron Stimmel, notes, “This would be the first federal incentive in 20 years to help individuals — homeowners, farmers, and small business owners — buy a small wind turbine.” The credit would bring down the up-front cost of purchasing a system and spur a market that is growing but remains well below what industry experts believe is its full potential. The bill also permits credit carry-over — that is, in the event that the credit reduces the consumer’s taxable income below the minimum threshold, the unused excess could be carried over to the next tax year, enabling small-wind owners with low annual incomes to take full advantage of the credit. The bill also provides accelerated three-year depreciation for small wind turbines.
Source:
American Wind Energy Association
Author:
Edited by Trevor Sievert, Online Editorial Journalist
Email:
press@windfair.net
Link:
www.awea.com/...
Keywords:
wind energy, renewable energy, wind turbine, wind power, wind farm, rotorblade, onshore, offshore



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