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RESOLUTION TO URGE RESTORING WIND TAX CREDIT ADVANCES

A resolution sponsored by Senator Jim Whelan urging the President and the Congress of the United States to expeditiously reinstate and extend the production tax credit for wind energy, which expired at the end of 2013, was approved by the Senate Environment and Energy Committee. “A major driver of wind power development in the nation, the production tax credit for wind energy has promoted job creation and resulted in significant economic and environmental benefits,” said Senator Whelan. “As we look to increase our reliance on renewable sources of power for a more sustainable future in New Jersey, these credits are necessary incentives and must be continuously renewed.” The Production Tax Credit is a federal incentive that provides financial support for the development of renewable energy facilities, including wind energy, by providing a per kilowatt-hour incentive for the first 10 years of a renewable energy facility’s operation. Originally enacted in 1992, the production tax credit for wind energy and other renewable energy technologies has been renewed and expanded numerous times before expiring in 2013.

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