Wind energy tax credit set to expire

SXC - Tax Sign_360

Federal tax credits for renewable energy production is set to expire Dec. 31, leaving some wind project developers concerned.

Only projects that are completed are able to qualify for the credit. However, when Congress extended the program in 2012, they allowed projects to qualify for the program as long as it was in construction, or a minimum of 5 percent of its total cost was invested before the end of the year.

The extension was part of a deal to avoid the fiscal cliff, according to the Associated Press.

The credit pays 2.3 cents per kilowatt-hour of electricity generated by wind.

Advocacy groups hope to keep the incentives intact, while opponents argue that the break burdens taxpayers.

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