Congressman Earl Pomeroy, at a press conference at DMI Industries in West Fargo, today announced the introduction of H.R. 197, a bill to extend the wind energy Production Tax Credit (PTC) for an additional five years, until 2014. Currently, the tax credit is set to expire at the end of 2008. An extension of this tax credit is necessary to provide the long-term stability that is needed for the development of major wind projects.
“The Production Tax Credit is vital for the further development of the wind industry in North Dakota. We have seen how critical this credit has been during the three periods in which the credit was allowed to expire. Local jobs were furloughed, economic activity was halted, and, of course, less energy was produced in-state,†Congressman Pomeroy said. “A long-term extension of this tax credit will put North Dakota much farther down the road toward energy independence.â€