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Port Looking To Profit From Wind Farm Tax Credit
Posted: Jan 10, 2013 9:35 PM by Morgan Frances - MFrances@kristv.com
Updated: Jan 10, 2013 11:15 PM
CORPUS CHRISTI - With the pass of the so-called "fiscal cliff" bill, came cheers from wind energy developers across the country. That's because within the deal, is a one-year extension of a federal tax credit, or incentive, for wind farm construction. So what exactly does that mean?
Matt Tulis, Communications Manager for E.On Climate & Renewables said, "They have to start construction by the end of 2013 in order to be eligible for the tax credit so that's something we're definitely looking at."
If Congress decided not to extend the Production Tax Credit, It would have put a halt on wind farm development. With the tax credit, however, wind farms can carry on with their construction. That construction for wind farms means a lot of future deliveries for the Port of Corpus Christi.
"Now that PTC has been extended," said Maggie Iglesias-Turner, General Cargo & Tariff Manager, "Now they can confidentially place their orders and have their sites under construction by the end of this year."
Without the passing of the federal tax credit, the Port of Corpus Christi was facing a zero dollar profit for wind turbine components; that means no imports and no exports. Now that wind farm construction plans are back in full swing, however, the Port is looking at a $500,000 profit in 2013.
By keeping their rates low, and offering a swift delivery, the port hopes to remain one of the top choices for transporting the components wind farm developers need.
Iglesias-Turner said, "We call ourselves the wind port of the gulf and we hope to keep that title as the wind industry continues to grow."
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