Today, a group of Democratic Congressmen led by Representative Ed Markey proposed the repeal of billions of dollars in tax giveaways to Big Oil and to instead use that money to invest in our country’s clean energy future. The proposal, co-sponsored by Representative’s Henry Waxman, John Larson, Earl Blumenauer and Bill Pascrell, Jr., is the heart of a bill entitled “Investing to Modernize the Production of American Clean Energy and Technology Act of 2012,” or “IMPACT Act of 2012.”
In addition to putting an end to the billions of dollars in tax subsidies given to Big Oil each year, the bill also includes an eight-year extension of the Investment Tax Credit (ITC) for offshore wind, a clean and abundant energy source that sits untapped off our shores. Under current law, the ITC for offshore wind expires at the end of 2012. This unhelpful deadline will do nothing for the offshore wind industry, which is only now beginning to secure financing and, as such, will not be able to meet the requirements of the current ITC for offshore wind as it is currently structured. The IMPACT Act would extend the ITC for offshore wind to 2020, giving this job-creating industry the time it needs to secure necessary financing for their projects.
Oceana, the largest international advocacy group working solely to protect the world’s oceans, applauded the important legislation and released the following statement from senior campaign director Jacqueline Savitz:
“We need to be making a shift from fossil fuels to clean energy – like offshore wind – as quickly as possible to protect our oceans from acidification and other climate change impacts.
The Investment Tax Credit is essential to encourage the continued growth of the offshore wind industry. If passed, this bill would help transition America off fossil fuels, stimulate a new manufacturing sector and put people back to work.”