Wind Energy Could Fall Off Fiscal Cliff
U.S. Representative Mike Pompeo says the fate of a wind energy tax credit could be tied to the so-called fiscal cliff negotiations.
The Wichita Republican personally opposes the credit, but supporters say it's helping drive down the cost of wind power and boosting wind energy investment. Pompeo says the wind energy credit is just one of hundreds of tax provisions that could change without a federal budget agreement.
“If we don’t manage to come to agreement on a larger spending plan and addressing this so-called fiscal cliff, it seems to me unlikely that there would be an extension of the wind production tax credit,” says Pompeo.
Steep automatic federal tax increases and spending cuts are scheduled to take effect at the end of the year if lawmakers can't come to an agreement on reducing government expenditures and increasing revenue.