President Obama recently urged Congress to extend tax incentives that benefit renewable energy companies, saying failure to do so would put thousands of jobs in jeopardy, reports Jared Favole of the Dow Jones Newswires. The wind industry in Iowa has “taken off,” the president said while visiting a company in Newton, Iowa that manufactures blades for wind turbines. The wind industry tax credit is expiring at the end of 2012. He continued to criticize Congress Republicans for not supporting his economic ideas. Newton’s mayor, Chaz Allen, noted that the town’s recovery illustrates a point often made by the president: that new technologies can reduce the nation’s dependence on fossil fuels and create jobs simultaneously, reports the Associated Press at the Daily Iowan. Obama wants to expand a 30 percent tax credit for manufacturers of advanced energy products, including solar panels, fuel cells, and equipment to support wind energy and renewable fuel distribution. The administration wants Congress to provide $5 billion in additional tax credits, noting that the wind industry nationwide supports 20,000 direct jobs with more than 30,000 manufacturing jobs making industrial machines and parts. Now that’s jobs.
Also: http://www.dailyiowan.com/2012/05/24/Metro/28427.html Obama returns to Iowa to seek wind tax credits ASSOCIATED PRESS