IRS To Increase Wind Energy Tax Credit

Law360, New York (April 4, 2013, 4:23 PM EDT) -- The U.S. Internal Revenue Service said Wednesday that it would boost a tax credit for wind and other renewable energy production, drawing criticism from an energy think tank that claims the increase represents a $500 million taxpayer gift to wind energy developers.

In a Federal Register posting, the IRS will boost the so-called production tax credit, or PTC, to 2.3 cents per kilowatt-hour for a wind farm’s first decade in service, up from 2.2 cents per-kilowatt hour. The increase also applies to geothermal and closed-loop biomass...
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