IRS to Congress: Decide tax extenders or delay rebates for millions
By addressing tax extenders this year, Congress will help us avoid "unnecessary disruptions and delays" and "will provide certainty for millions of taxpayers who are affected by the expired provisions."
In a letter sent this week by the head of the IRS John Koskinen urged the Chairman of the U.S. Senate Finance Committee Ron Wyden and Congress to "address this issue expeditiously."
In responding to the letter, Sen. Wyden said, "Congress needs to act swiftly on these important tax provisions so it can get to work on a comprehensive overhaul of the tax code and lift the fog of uncertainty from taxpayers."
As you may recall, in April a bipartisan majority of the Senate Finance Committee approved an extension of these critical tax extenders before legislation was delayed by unrelated procedural issues in the Senate.
By extending both the Production Tax Credit and the Investment Tax before the end of the year, Congress can provide much needed policy certainty to American wind power, an industry that's capable of injecting up to $25 billion a year of private capital into our national economy and supporting up to 85,000 well-paying jobs, including manufacturing and construction jobs.
The most recent expiration, in 2013, caused new wind installations to come to a halt, resulting in a 92 percent drop in new wind projects compared to 2012. That caused investment to drop from $25 billion in 2012 to roughly $2 billion in 2013 and the loss of thousands of manufacturing jobs in 2013.
Supporters can help wind power get the policy certainty it needs by visiting www.powerofwind.org and telling their elected officials to pass the EXPIRE Act immediately and extend these successful tax incentives.