In Strong Support of the Production Tax Credit and Investment Tax Credit

Floor Speech

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Mr. KEATING. Mr. Speaker, I rise today to echo the concerns of Americans across the country and call upon my colleagues in Congress to extend the Production Tax Credit (PTC) and Investment Tax Credit (ITC). Yet again, these essential tax credits have fallen victim to political jockeying and were allowed to expire at the end of 2013. If we are serious about meeting our renewable energy standards and, importantly, putting Americans back to work, then it is time to end this uncertainty and bring stability to a growing industry.

The PTC has encouraged nearly $20 billion in nationwide private investment annually over the last 5 years alone, while the ITC serves as the most fundamental federal tax incentive for offshore wind farms. As we promote investments that will reduce our dependence on foreign oil and serve as a central part in our fight against global warming and climate change, it is essential to remember the spillover of job creation and specialized expertise that will follow.

Support for the PTC and ITC is bipartisan--and vocal. It is well-understood that the voids we create with our inaction will not remain unfulfilled. They will be filled by foreign companies who will not be ``Making It in America.'' I find it to be nonsensical that investments in renewable energy continue to face an uphill battle.

At home, we have witnessed firsthand the critical economic development opportunities that renewable energy projects provide to States. Our region has undergone an economic regeneration with the promise of Cape Wind--slated to be the Nation's first offshore wind farm. From the Port of New Bedford, which will serve as the staging area for assembly, to the ferry captains who will provide eco-tours of offshore turbines, no sector of our community is left untouched.

Massachusetts is consistently recognized as one of the States for clean energy, particularly wind energy. 106MW of wind power is produced state-wide, powering over 32,000 homes. In my district alone, 23MW of wind energy is produced. These impressive figures do not account for the thousands more of potential wind power that exists offshore.

Support for a long-term extension is bipartisan and urgent. I call on my colleagues to join me in supporting an extension of these important incentives.

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