OTTUMWA —
Iowa’s former lieutenant governor says one presidential candidate has plans that could harm a growing Iowa industry.
Patty Judge supports President Barack Obama’s position to extend production tax credits for wind energy. With 7,000 employees, Iowa is the No. 1 employer in the wind industry among all 50 states, and 20 percent of the state’s electricity comes from wind, she told the Courier Wednesday.
The visit was in response to a statement from a spokesperson for Mitt Romney, stating the candidate would let the tax credit expire. According to a press release from Obama for America, when Romney’s position was confirmed, two Iowa legislators — U.S. Rep. Tom Latham and U.S. Sen. Chuck Grassley — said they opposed Romney’s position on this issue.
The problem isn’t that the candidate is against tax credits, said Judge of Albia. For example, “big oil,” an industry that contributes to the Romney campaign, would not lose their tax credits.
“Extending the wind production tax credit is a bipartisan issue we all must stand behind if we hope to continue to support more jobs in Iowa’s wind sector,” said the Obama campaign Iowa Communications Director Erin Seidler. “Mitt Romney would rather see Iowa jobs put at risk in favor of helping his wealthy allies and donors like big oil and companies outsourcing American jobs overseas.”
“We use wind energy, but we also build the components here,” said Judge.
Wind and other renewable energy sources mean a state will have less reliance on “big oil,” she said.
Tax credits aren’t a grant, Judge said.
“Tax credits don’t apply unless they make money,” she said. “It’s a low-cost way for state or federal government to spur an industry, a fledgling industry like wind.”
Wouldn’t some taxpayers say any industry that deserves to live should be able to live or die on its own?
“That’s a bit harsh, said Judge. “Wind energy deserves to live, [but] is still too young, too fragile. Tax credits have been used as a tool to help [encourage growth in a] fledgling industry, then those incentives are phased out.”
And then, you’ve got an established industry contributing to the economy.
Investors know that, said Judge. They may see the first few years of a new industry as being a good investment or as being too risky. Incentives can help convince investors that there is a sound idea here. That helps the economy.
She said many of those 88 business owners have said their business plans count on that tax break to see some profit.
Judge said a wind energy businessman at one of her stops was asked by a reporter what the loss of incentives would mean. The investor wasn’t sure. It could mean in order to stay in business, there’d have to be layoffs, Judge recalled him saying.
And in Denver, Colo., another big “wind” state, a CEO told a local television station there that “Congress’s failure to renew the wind PTC would force the company to lay off most of its 1,700 employees in Colorado.”
Though the stimulus was set to expire, Judge acknowledged, it’s not unusual for legislative bodies to extend a tax credit that has been so effective.
“Clearly, we need to be creating jobs,” said Judge, “not talking about how many people we have to lay off to make something work.”
Local News
August 2, 2012
Patty Judge touts Obama tax credit
'Fledgling' wind industry could benefit economy if given a chance to mature
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