Modification of the U.S Tax Code. Topic The US tax code should be modified. Federal tax credit of $10/MWH (MegaWatt-hour ) of wind energy production.

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Presentation transcript:

Modification of the U.S Tax Code

Topic The US tax code should be modified. Federal tax credit of $10/MWH (MegaWatt-hour ) of wind energy production. The tax credit begins the first year of generation and extends for a total of ten years.

Background

Wind Tax Credit Act Production Tax Credit

History Enacted in 1992 Renewed 6 times Was set to expire in 2012

Purpose Designed to promote wind power as an overall strategy to increase renewable energy in the United States. The mission of the Energy Department is to ensure America’s security and prosperity by addressing its energy, environmental and nuclear challenges through transformative science and technology solutions. Wind is a valuable renewable energy source. Limitations like cost and space needed to build make it hard for some wind turbine projects to get off the ground. Hopefully, advancements can be made so that there is a way to store the energy that is produced via wind turbines in the future.

Extensions

Costs Current Costs. Estimated Returns per Annum.

Current Status

Supportive Engineering and Scientific Studies Allows wind power to be competitive with other sources of energy. New technological developments allow wind energy to be stored to help control energy fluctuations do to inconsistency of the wind. New turbine technology. Ethanol energy is an example of an energy source that relied on PTC and is now able to stand on its own.

Non-supportive engineering and scientific studies Wind power industry does not need help of federal government. The Renewable Portfolio Standard has been the main factor associated with increase in wind power. The Renewable Portfolio Standard (PRS) mandates a certain amount of energy from states come from renewable resources by a certain date. Wind is an unreliable source of energy. Wind energy cannot compete with other sources of energy. Ie. Coal, natural gas, and hydroelectric power. The PTC creates perverse incentives for companies to develop wind energy where it is not need and sell it at a loss because they know they can make more money from the tax credit.

Assumptions

Key Factors Affecting the Decision Process

References Taxation and Revenue Department,