SENATE CONCURRENT RESOLUTION No. 159 STATE OF NEW JERSEY 216th LEGISLATURE INTRODUCED MARCH 12, 2015 Sponsored by: Senator JIM WHELAN District 2 (Atlantic) Co-Sponsored by: Senator Greenstein SYNOPSIS Urges President and Congress to reinstate and extend production tax credit for wind energy CURRENT VERSION OF TEXT As introduced. (Sponsorship Updated As Of: 6/26/2015) SCR159 WHELAN 2 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 A CONCURRENT RESOLUTION urging the President and Congress of the United States to reinstate and extend the production tax credit for wind energy. WHEREAS, The production tax credit is a federal incentive that provides financial support for the development of renewable energy facilities, including wind energy, by providing a per kilowatt-hour incentive for the first 10 years of a renewable energy facility's operation; and WHEREAS, Originally enacted in 1992, the production tax credit has been renewed and expanded numerous times; and WHEREAS, The production tax credit for wind energy has been a major driver of wind power development in the United States, resulting in significant economic and environmental benefits; and WHEREAS, When the production tax credit is consistently available, the wind power industry sees considerable growth; however, when the credit is allowed to expire, the industry declines, workers are laid off, and there is a significant market drop in investment in the technology; and WHEREAS, Since 1992, the United States Congress has on numerous occasions gone back and forth between expiring and extending the production tax credit, which has wreaked havoc on the wind industry resulting in a “boom-bust” cycle of development; and WHEREAS, When the production tax credit is available, wind power production and investment in the wind energy sector dramatically increases, reducing the reliance on fossil fuels, driving innovation and economic development, lowering costs, and providing important environmental benefits, including a reduction in carbon emissions; and WHEREAS, The production tax credit for wind energy and other renewable energy technologies expired at the end of 2013; and WHEREAS, Expeditious action to restore the production tax credit is necessary to provide an incentive and certainty to those involved in the wind energy industry to ensure that the wind energy sector does not suffer a loss of momentum in the construction and operation of wind energy projects; and WHEREAS, The reinstatement of the production tax credit for wind energy will assist New Jersey as it continues its efforts to implement the State’s “Offshore Wind Economic Development Act,” P.L.2010, c.57 (C.48:3-87.1 et al.), and to reduce greenhouse gas emissions; now, therefore, BE IT RESOLVED by the Senate of the State of New Jersey (the General Assembly concurring): 1. The President and the Congress of the United States are respectfully urged to expeditiously take action to reinstate and SCR159 WHELAN 3 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 extend the production tax credit for wind energy in order to promote job creation, economic growth, and environmental benefits. 2. Copies of this resolution, as filed with the Secretary of State, shall be transmitted by the Clerk of the General Assembly or the Secretary of the Senate to the President and Vice President of the United States, the Majority Leader and Minority Leader of the United States Senate, the Speaker, Majority Leader and Minority Leader of the United States House of Representatives, and every member of the United States Congress elected from this State. STATEMENT This resolution respectfully urges the President and the Congress of the United States to expeditiously take action to reinstate and extend the production tax credit for wind energy in order to promote job creation, economic growth, and environmental benefits.