Ryan joins Romney in anti-PTC stance

UNITED STATES: US Republican vice-presidential candidate Paul Ryan has joined the party's presidential nominee Mitt Romney in his opposition to an extension of the production tax credit (PTC).

Republican vice presidential hopeful Paul Ryan

In an interview with CBS News, Ryan said: "We think these tax credits are important to get industries up and running, but we don't think they should continue on indefinitely. What we think would be more helpful for all renewable energies is to lower tax rates on businesses." Instead, Ryan said the taxes needed to be lowered across all industries.

Notably, Ryan like Romney before him did not formally say the PTC should be allowed to expire at the end of the year. In both cases this was later confirmed by a Republican officials. Wind energy and the PTC is already becoming a point of contention between Romney and President Obama.

Last month, Republican presidential hopeful Mitt Romney came out firmly against the US federal production tax credit, with a campaign spokesman stating the candidate believed it should be allowed to lapse as scheduled at the end of this year.

"He will allow the wind credit to expire, end the stimulus boondoggles, and create a level playing field on which all sources of energy can compete on their merits," Shawn McCoy, a spokesman for Romney’s Iowa campaign, said in a statement to the Des Moines Register.

Prior to this, it appeared Romney was still undecided about the phase out of the PTC. In July, a proxy for presidential hopeful Mitt Romney said the Republican wants to end the production tax credit (PTC) for wind energy projects, but is still deciding how quickly it should be phased out.

Linda Gillespie Stuntz, a Washington lawyer and deputy secretary of energy under former president George H.W. Bush, represented Romney at an energy debate Wednesday. She said that, in principle, Romney is opposed to federal policies that favour some energy sources over others.