Smith Introduces Bill to Encourage Renewable Energy Production
Bill Encourages Renewable Energy, Economic Growth, Jobs
WASHINGTON, D.C.– Senator Gordon Smith (R-OR) today introduced legislation to provide for a ten-year extension of the tax credit for producing electricity from wind. This long-term extension of the tax incentive encourages companies and utilities to commit the capital necessary to bring wind energy projects to fruition. In the past several years, Oregon has become an important source of wind energy production.
"We can use the tax code to encourage the development of clean, renewable sources of electricity," said Smith. "If we use technology wisely, we can improve our environmental stewardship while maintaining our human stewardship and the standard of living we enjoy in this great nation."
Last year, Vestas Wind Technology, the world's largest builder of wind turbines, planned to build its first U.S. manufacturing facility in Portland, Oregon. The plant was expected to provide over 1,000 much needed family-wage jobs. Unfortunately, last November, the corporation announced it would put the project on hold and lay off more than 500 employees. The main reason given for this action was the failure of Congress to clarify the production tax credit for wind energy. This happened at a time when Oregon already had one of the highest unemployment rates in the country.
"Maintaining affordable energy is an important component of efforts to provide relief to Oregon's families and businesses," said Smith. "We need to actively promote the use of alternative fuels so that Oregon families can meet their growing energy needs while safeguarding the environment."
Smith has long been a proponent of tax credits for wind and other renewable energy producers. His efforts last year resulted in extending the tax credit for wind energy through 2003. Last Congress, Smith cosponsored a bill that would have amended the Internal Revenue Code to extend the credit for producing wind energy for five years as well as several other measures to promote renewable energy resources and alternative fuel vehicles.
