Terry Branstad on Energy & Oil
Hatch questioned tax cuts the state gave to a fertilizer plant that located in southeast Iowa, asking "why are we giving these kinds of incentives to corporations, instead of looking where job growth really is, it's in the small towns, it's in the small businesses."
Branstad argued that the deal created jobs for state residents. He also attacked the fiscal policies of the previous Democratic governor, seeking to tie Hatch to a leader that he said didn't balance the books.
A spokesman for Governor Branstad issued a written statement: "Jack Hatch can continue to bloviate from the sidelines, but all Iowans know that the Branstad-Reynolds administration has fought to expand and protect American energy resources so that Iowans have cheaper costs at the pump, their homes and their businesses," said Tommy Schultz, Branstad-Reynolds communications director.
Congressional Summary:Amends the Internal Revenue Code to extend through 2016 the tax credit for electricity produced from wind, biomass, geothermal or solar energy, landfill gas, trash, hydropower, and marine and hydrokinetic renewable energy facilities.
Proponent's Comments (Governor's Wind Energy Coalition letter of Nov. 15, 2011 signed by 23 governors):Although the tax credit for wind energy has long enjoyed bipartisan support, it is scheduled to expire on Dec. 31, 2012. Wind-related manufacturing is beginning to slow in our states because the credit has not yet been extended. If Congress pursues a last minute approach to the extension, the anticipated interruption of the credit's benefits will result in a significant loss of high-paying jobs in a growing sector of the economy. We strongly urge Congress to adopt a more consistent and longer-term federal tax policy to support wind energy development, such as H.R. 3307.
The leading wind project developers and manufacturers are slowing their plans for 2013 and beyond due to the current uncertainty. The ripple effect of this slow down means reduced orders for turbines and decreased business for the hundreds of manufacturers who have entered the wind industry in our states. When Congress allowed the tax credit to expire in 1999, 2001, and 2003, the development of new wind installations dropped significantly, between 73% and 93%, and thousands of jobs were lost. Providing renewable energy tax credits in order to provide consistency with conventional energy tax credits is the right policy to move the nation forward in an energy sector that offers global export opportunities and the ability to modernize a segment of our electric production infrastructure.
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