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The latest effort to extend the expiring production tax credit (PTC) was defeated on July 12 when S.2237 - the Small Business Jobs and Tax Relief Act - failed to receive enough votes to move forward.

Sens. Michael Bennet, D-Colo., Jerry Moran, R-Kans., and Mark Udall, D-Colo., had filed an amendment to the bill that would have extended the PTC for two years. However, because the bill will not be debated, the amendment will therefore not be considered.

The amendment also would have extended the wind energy investment tax credit - which is crucial for the development of U.S. offshore wind - for two years.

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