Expiring Federal Wind Production Tax Credit (PTC) could impact NW Indiana businesses December 29, 2012Posted by Laura Arnold in Uncategorized.
Tags: 1191 Amalgamated Local Steelworkers Union, ATI Casting Services in LaPorte (IN), Donn Pendergrass, federal Wind Production Tax Credit (PTC)
Original article: Expiring tax credit could impact local business
He knows from experience. Back in 2006 he worked at the RMG foundry in Mishawaka, a business that at one point boasted 1,200 employees. He said the failure of the tax credit to renew on time, and for a long enough period of time, helped lead to the foundry’s closure.
He pointed out that ATI Casting Services in La Porte once employed 500 workers in a business that produced three castings per day. Now it makes no castings for wind turbines and employs less than 100.
He said the biggest round of layoffs for that company was 350 workers. If the credits are renewed in time, he said many of them could possibly get their jobs back.
The president of the 1191 Amalgamated Local Steel Workers union, Pendergrass said wind energy is a burgeoning business and the credits are needed to help it grow and expand. He said wind energy is profitable. And with its current business, he said Indiana could be in the forefront of the industry.
But one of the issues holding the bill back is the talk of the deficit and the fiscal cliff in capital hill
“They speak of adding to the deficit and the fiscal cliff and this and that,” he said, “but working people are the ones that spend the money and put it back into the system so it can work.”
He said he is hoping it passes after the first of the year.