WASHINGTON, D.C. – November 20, 2015 – (RealEstateRama) — The PTC Elimination Act this week received its 50th cosponsor. The bill, authored by U.S. Congressmen Kenny Marchant (TX-24) and Mike Pompeo (KS-04), would make the tax code simpler, fairer and more competitive through a phase-out and repeal of the renewable energy Production Tax Credit, or PTC.
“The PTC no longer serves infant industries learning to compete – now it’s just corporate welfare for the fully mature, multibillion-dollar wind industry,” said Marchant. “Forcing the American people to shoulder this burden any longer is not fair and it is not the way to build a healthier, more competitive economy. Instead, Congress needs to put the American people first and get rid of the deadweight tax handouts that are limiting our nation’s economic potential. That’s the approach taken by the PTC Elimination Act. Now with 50 cosponsors, this bill levels the playing field and saves taxpayers nearly $10 billion over the next decade. If Congress is serious about accomplishing pro-growth tax reform that revitalizes the American economy, it only makes sense to phase out and repeal the PTC.”
“With a skyrocketing $18 trillion debt and an industry that is more than capable of standing on its own, there is no reason why the federal government should continue to subsidize the wind energy industry,” said Pompeo. “After more than two decades and billions of taxpayer dollars, the PTC has become nothing more than a government handout that has caused significant price distortions in wholesale electricity markets that translate into real costs for everyday consumers. If we want a robust economy, we need to end purely political policies that pick winners and losers in the marketplace, burden the American people, and stunt our nation’s economic growth. The PTC Elimination Act enacts positive reforms to do just that – creating jobs, driving economic development, and reducing energy costs for people across the country. It’s time for Congress to repeal the PTC and let wind looters stand on their own two feet.”
The PTC Elimination Act has also been endorsed by a coalition of the nation’s largest conservative advocacy and public policy organizations, including Heritage Action for America, American Energy Alliance, Americans for Tax Reform, and Americans for Prosperity.
To view full listing of the bill’s cosponsors, please click here.