How do the revised rules in the Bipartisan Budget Act of 2015 affect you and your business?
Colorado Sens. Mark Udall and Michael Bennet partnered with Iowa Republican Sen. Chuck to introduce what they billed as bipartisan legislation to extend for two years the wind energy production tax credit. The credit, supporters say, helps support thousands of jobs in the renewable energy sector in Colorado and elsewhere. Efforts this year to pass an extension of the credit have thus far failed. The American Energy and Job Promotion Act – which is also co-sponsored by Sen. Scott Brown (R-Mass), Tom Harkin (D-Iowa), Dean Heller (R-Nev. and Ron Wyden (D-Ore.) – would prevent a lapse in the wind energy tax credit, which is set to expire at the end of the year. Without an extension, more than 6,000 Colorado jobs and as many as 37,000 jobs nationwide could be lost, advocates say. Vestas, which has several facilities in Colorado, may lay off more than 80 percent of its Colorado workforce if the tax credit is not extended soon, it has said. “Extending the wind energy tax credit is a move that can give Coloradans and Americans a great return on investment – a stronger economy, more local jobs and more affordable power for our homes,” Udall said. ”With employers like Vestas willing to invest in Colorado, Congress needs to act well before the deadline and give these employers certainty to plan ahead — otherwise those jobs will move to other countries.”