Senator James Lankford is expected to introduce a bill on Wednesday to phase out the renewable energy tax credit. Specifically, the measure would eliminate a production tax credit for wind farms.
The bill would take out a provision from the IRS tax code which allows for wind producers to claim a 2.3 cent per kilowatt hour tax credit over ten years.
Lankford says the time has come to eliminate the tax credit because the wind energy has matured. The credit was meant to stimulate the industry as it was emerging as an alternative form of electricity generation.
