[Congressional Record Volume 158, Number 43 (Thursday, March 15, 2012)]
[Senate]
[Page S1737]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

      By Mr. GRASSLEY (for himself, Mr. Udall of Colorado, Mr. Brown, 
        of Massachusetts, Mr. Harkin, Mr. Heller, Mr. Wyden, and Mr. 
        Bennet):
  S. 2201. A bill to amend the Internal Revenue Code of 1986 to extend 
the renewable energy credit; to the Committee on Finance.
  Mr. GRASSLEY. Mr. President, I am proud to be joined today by a 
number of my colleagues in introducing the American Energy and Job 
Promotion Act, a bill to extend a tax incentive for the production of 
electricity from a number of renewable sources, including wind. The 
wind production tax credit is scheduled to expire at end of 2012. This 
bill would extend the credit for two years, through December 31, 2014. 
I am joined in this effort by Senators Mark Udall, Scott Brown, Harkin, 
Heller, Wyden and Bennet.
  The production tax credit is a sensible policy that promotes 
homegrown energy and American manufacturing jobs. The wind industry 
currently supports 75,000 American jobs and is driving as much as $20 
billion in private investment. During the past 5 years, 35 percent of 
all new electric generation in the United States was wind. This 
expansion has directly led to the growth in domestic wind 
manufacturing. There are nearly 400 manufacturing facilities today, 
compared with just 30 in 2004.
  The American Energy and Jobs Promotion Act would prevent a lapse in 
the credit. Without an extension, as many as 37,000 jobs could be lost, 
including thousands in Iowa. With national unemployment at 8.3 percent, 
it would be irresponsible to send thousands of Americans employed in 
the wind industry a pink slip. Unfortunately, because of the long lead 
time in the production of wind equipment, many manufacturers are 
already announcing layoffs.
  I recognize that some have questioned the need to extend this 
important credit, particularly in light of the effort to reform the tax 
code. I fully support tax reform and believe we need a simpler, more 
efficient tax code. However, we need to take action to support jobs and 
alternative energy producers in light of the slow pace on tax reform. 
This 2-year extension will provide certainty for the renewable energy 
sector while recognizing that tax reform efforts could further modify 
or address this incentive in the next few years.
  Additionally, due to our Nation's dire fiscal situation, many of my 
colleagues have rightly focused their attention on ensuring that the 
deficit is not exacerbated. While in the past I have generally opposed 
permanent tax increases to offset temporary tax incentives, I am 
willing to work with my colleagues to extend the incentive in a manner 
that minimizes its impact on the deficit.
  Extension of the tax incentive is supported by the U.S. Chamber of 
Commerce, the National Association of Manufacturers, Edison Electric 
Institute and the American Farm Bureau Federation. A similar extension 
in the House of Representatives currently has the support of 80 
bipartisan cosponsors.
  I encourage my colleagues to support this legislation that will 
continue to grow domestic, renewable electricity, create jobs and 
provide cleaner air. We must enact this extension as expeditiously as 
possible. Further delay will harm our economic recovery and our energy 
security.
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