It is official. On Friday, Dec. 19, President Obama signed H.R.5771, the Tax Increase Prevention Act of 2014, into law.
H.R.5771 provides a one-year extension through the end of 2014 for dozens of tax provisions that expired at the end of 2013, including the wind energy production tax credit (PTC). The House passed H.R.5771 on Dec. 3, and the Senate approved the measure on Dec. 16.
The one-year extension, applied retroactively, is far shorter than the time frame sought by the American Wind Energy Association (AWEA), which was advocating for a two-year PTC extension as contained in the EXPIRE Act – a separate tax extenders package that passed in the Senate Finance Committee but was stalled in May.