New legislation was recently introduced in the U.S. Senate that would extend tax incentives for community wind projects. The Community Wind Act, introduced by U.S. Senators Al Franken (D-Minn.) and Jon Tester (D-Mont.), would extend existing investment tax credits to small wind farms with total capacities of up to 20 megawatts for the next five years, with no restrictions on the size of any one turbine. Currently, only wind turbines with capacities of up to 100 kilowatts are eligible for the 30% investment tax credit. Extending the tax credit would provide a much needed boost for the smaller-scale wind market, which often have difficulty accessing capital.
“This legislation would make it easier for community wind projects to get up and running and help communities all over Minnesota and all over the country invest in the future,” said Sen. Franken.
The bill is currently in the Senate and has been referred to the Committee on Finance. The full text of the bill can be found here.
