RICHMOND, Va. (AP) — Advocates of wind power are celebrating the survival of a tax credit for research and development of renewable energy such as wind-generated electricity.
The credit survived the high-stakes debate in Washington over taxes and spending in the so-called fiscal cliff drama. Advocates argue that the tax credit is critical to support an emerging and costly energy industry.
Nancy Sopko of Oceana said the investment tax credit provides certainty to the financial sector that wind-power development is a viable job-creating industry.
Sarah Bucci of Environment Virginia said the extension of the tax credit will promote the growth of wind power in Virginia and the U.S.
More than 133 square miles of ocean off Virginia Beach is being eyed by energy companies for the development of wind farms.
(© Copyright 2012 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)