By Andrew Restuccia - 04/25/12 05:53 PM EDT
Bode was joined Wednesday on a conference call with reporters by Reps. Earl BlumenauerEarl BlumenauerOvernight Finance: House GOP grills IRS chief on impeachment | Bipartisan anger over Iran payment | Fed holds rates steady but hints at coming hike Panel votes to extend nuclear power tax credit DEA decision against reclassifying marijuana ignores public opinion MORE (D-Ore,) and Steve King (R-Iowa), co-sponsors of House legislation to extend the tax credit.
“It would be a tragedy if we were unable to get moving on this,” Blumenauer said, adding that the PTC must be extended as soon as possible so that companies can make investment decisions.
Bode pointed to a study commissioned by AWEA that says expiration of the PTC could cost as many as 37,000 jobs in the wind industry. Because wind projects take about 18 months to get online, failure to extend the PTC would result in major uncertainty in the industry, she said.
By September or October, Bode said, “you will see a significant amount of the remaining manufacturing jobs being furloughed or laid off.”
The conference call comes a day before a House Ways and Means Committee panel is slated to hold a hearing on various tax provisions set to expire this year. King will testify at the hearing on the PTC for wind.
Bode said the House hearing, along with discussion among some lawmakers in the Senate, is a sign that the Congress is taking extension of the PTC seriously. But she acknowledged that partisan politics make the path forward for the extension uncertain.
“With the tremendous lack of coordination across the aisle, it is very difficult to do anything,” she said, adding that industry groups are looking for a legislative vehicle to extend the PTC for wind and various other renewable energy tax credits.
King, asked whether he sees a path forward for a PTC extension, said he planned to gather “intel” at Thursday’s hearing.
“There’s a lot of things that are unpredictable around this town and you’ve got to do the right thing every day and trust that it’s going to emerge on the other sides,” King said.