We just went through this last winter because the tax extender deals never seem to go away, but it’s getting harder and harder to tell who is on which side. There are a number of credits in the tax code which have (thankfully) expired on schedule, but Congress is quietly working on bringing them back from the dead like zombies. A couple of them are the truly unsupportable benefits being handed out to the wind power and biofuels industries. You might be surprised to see that this is even a topic for discussion now that the GOP controls both chambers, because it’s generally the Democrats who favor this sort of largesse. But not in this case. The person going to bat for these programs during markup hearings last week was none other than Iowa Republican Senator Chuck Grassley. (From The Daily Caller)
..... the aforementioned tax extenders currently under consideration have a serious poison pill buried in them. It continues to dish out billions of dollars in wind energy credits which are distorting the market and continuing to flush taxpayer money into technology which is allegedly standing on its own feet these days.
.....The current language, however, extends eligibility to projects which are vaguely described as “under construction.” ....
..... this language would apply the credit “from the moment that a CEO of a wind company simply thinks about building a turbine.”
.... This sweetheart deal will cost American families close to $100 per household, and will stick them with more expensive and less reliable electricity in the future.