Companies Could Not Qualify for Credit After 2019
WASHINGTON, DC – Senator James Lankford (R-OK) today introduced an amendment to a Senate energy bill to completely end federal renewable energy production tax credits by the end of 2031, making 2019 the last year a project could qualify for a credit. The recently passed Consolidated Appropriations Act of 2016 enacted a gradual phase down of the Production Tax Credit by 2031, but failed to give the industry statutory certainty after the drawdown. Lankford’s amendment would eliminate the credit at the end of the drawdown by completely removing the policy from United States tax code.
The provision is submitted as an amendment to the Energy Policy Modernization Act of 2016 (S.2012), which is currently being debated in the Senate.
“As I have said before, I fully support an all-of-the-above energy strategy, including wind and renewable energy,” said Lankford. “But, the taxpayer should not be forced to prop up an industry for decades when the tax credit was originally meant as a short-term jump start. The wind industry is established and prosperous; they no longer need taxpayer subsidized help. Any state or local government can issue tax credits, but it is time for the federal government to stop these credits.”
Once a company qualifies for the production tax credit (PTC) for a specific renewable energy construction project, that credit can be claimed for up to ten years once the project starts producing power. The PTC is primarily claimed by the wind industry, but is also used by other renewable energy sources. Specifically for wind, the Consolidated Appropriations Act of 2016, which was signed into law in December, retroactively extended the PTC for projects beginning construction in 2015 and 2016. The law also extends eligibility for the credit through 2019, but reduces the credit value for projects beginning construction to 80 percent in 2017, 60 percent in 2018, and 40 percent in 2019. Before this amendment, the ten-year PTC was routinely retroactively extended at the end of every year, seemingly with no end in sight.
Lankford introduced similar legislation as a standalone bill in October, before the Consolidated Appropriations Act of 2016 became law. That bill, the PTC Elimination Act, would have started the phase-out immediately.
The Production Tax Credit was established 23 years ago as part of the Energy Policy Act of 1992 and since its adoption, wind power has grown tremendously into a self-sustainable, multibillion dollar industry. Wind generation has grown more than 3,000 percent and capacity has spiked from 1,500 million megawatts in 1992 to over 50,000 megawatts in 2012. Meanwhile, the cost to taxpayers for the PTC for all qualified renewables has increased substantially since it was put in place.
Wind power is an economically sustainable industry, and 37 states, including Oklahoma, have production incentives in place through either renewable portfolio standards or renewable portfolio goals. Ultimately, the federal PTC is a redundancy that subsidizes policies which states are already pursuing and doing so in ways that are targeted toward local resources and utility markets.
The PTC also creates distortions in electricity markets. Wind producers’ negative bids are subsidy-driven and distort the market by sending incorrect price signals, which can harm the long-term reliability and cost effective operation of the utility.
The Energy Policy Modernization Act of 2016 and its amendments are expected to be debated on the Senate floor throughout this week.
Okmulgee Democrats will hold a Bean Dinner Fundraiser Feb 22.
Tickets for the event are now available. The price is $5.00 per person.
Contact Linda Gerster for more details at (918) 284-9331.
EVERYONE WELCOME - Open @ 9:00 am; Serving @ 11:30 am
Here is the FEBRUARY 2016 menu for the Mounds Senior Citizens center:
Tues, Feb 2 - Meat Loaf, Mashed Potatoes, Gravy, Green Beans, Dessert
Thur, Feb 4 - Tator Tot Casserole, Mixed Veggies, Dessert
Tues, Feb 9 - Salmon Patties, Buttered Potatoes, Creamed Peas, Dessert
Thur, Feb 11 - Brown Beans, Fried Potatoes, Cornbread, Dessert
Tues, Feb 16 - Taco Soup, Chips, Cornbread, Dessert
Thur, Feb 18 - Chicken & Dumplings, Veggie, Dessert
Tues, Feb 23 - Chicken Enchilada Casserole, Refried Beans, Rice, Chips, Dessert
Thur, Feb 25 - Beef Stew, Cornbread, Dessert
Oh My Darlin' Dinner & Dance
February 12th at 7:00
Okmulgee County Extension Center Exhibit Hall
Treat your Sweetheart to a Valentine's Date like no other! Featuring Stu-B-Que catering and Gary McCall & the Rio Dosa Band!! Dinner, dancing, live basket auction, and free photos by Marlie Elizabeth Photography!! Adult tickets are $20, kids are $10.
Contact any hostess or member of the Okmulgee Service League to purchase your reservation! All proceeds to benefit the Okmulgee Service League's RSVP fundraiser. Limit 300, so RSVP today!!
Hostesses left to right: Okmulgee Service League members Mandi McCall, April Hale, Kim Mahan and Susie Mauldin
Band picture credits to Kristen Huddleston, Tulsa World
Join the Okmulgee Humane Society Saturday Feb 13, from 10am-2pm at the Okmulgee Animal Shelter for their annual Valentines Day Bake Sale. All proceeds benefit the Okmulgee Humane Society.
They will have a variety of sweets from individual servings of cookies, brownies, cupcakes to whole pies and cakes to take back to your sweetheart.
Also drop by and meet some of our foster pets available for adoption. They would love to be "Your Valentine"! Or if you are interested in fostering a pet with us stop by and we will answer any questions you might have.
Enter to WIN...Everyone that spends $5 at our bake sale is automatically entered in our drawing for Valentine's Prizes!
The Humane Society is always looking for volunteers to donate goodies to their bake sale. Please contact Jaime at 918-403-9252 or the shelter at 918-759-2000 if you would like to bake.
By Betty Anderson
What would be a very special moment for a father and daughter to share? A Father ~ Daughter Valentine Dance and the Okmulgee YMCA is providing just that.
On February 6, from 7:00 pm to 9:00 pm the fathers and daughters will be gathering to have a great time at this annual event in the YMCA gym. The tickets for members cost $25.00 for one child and $10.00 for each additional daughter. The non-member cost is $30.00.
The gym will be decorated and they will have refreshments with punch and cookies. There will be a DJ providing the dance music and they will be taking pictures to commemorate the event.
Felicia Barron of the YMCA told ONN that they have a really good turnout for this event. Barron said, “They seem to just have a blast, the little girls get all dressed up, they just eat it up and they enjoy it with their daddies.” She also stated, “They also have some Grandpa’s that bring their granddaughters.”
The YMCA welcomes all fathers and daughters to come to the event and the deadline for purchasing tickets is February 1, 2016.
Would you like to improve your physical health, balance, muscle strength, flexibility, mobility, or mental health? The Free Tai Chi: Moving for Better Balance class can help you achieve all of these goals through slow, low-impact movements that can be done standing or sitting. Research has shown that this class can improve balance and reduce the risk of falling and fear of falling among older adults.
Classes will meet for an hour once a week at 1:30pm at the Okmulgee Library, Basement Meeting Room, 218 S. Okmulgee Ave, beginning Thursday, January 14.
Not sure if Tai Chi is for you? The first session on January 14th will include an introduction and discussion to answer any questions you might have. For more information or to enroll please contact Stephanie Plante-Burks with the Okmulgee County Health Department at (918) 756-1883 x151.