Political Quotes

“We come to the floor today to call attention to the tax extender bill currently being debated before the Senate. Included in this legislation is a provision extending the wind production tax credit, known as the PTC, for 2 additional years. This would be the ninth extension of a supposedly temporary tax credit. The PTC was first enacted in 1992 to jump-start the nascent wind industry. It was meant to expire in 1999, 15 years ago. But this one- time stimulus has turned into a never-ending tax subsidy that has been extended eight times, and the prospect for a ninth extension seems likely. The PTC spends precious tax dollars subsidizing a very mature industry and distorting our energy markets. My friend from Tennessee, Senator Alexander, and I have been vocal opponents of this Federal subsidy for years. Unfortunately, this credit has survived under the canard that wind power is an infant industry in need of Federal support. With the PTC's expiration on January 1 of this year, wind producers are once again igniting the rallying cry to continue their taxpayer- funded handout. I ask my friend from Tennessee, for those taxpayers who may not be familiar with this use of their hard-earned dollars, what is the PTC and why is it so valuable?”