WORCESTER, Mass., Dec. 22, 2010 /PRNewswire/ -- Mass Megawatts Wind Power, Inc. (OTC Bulletin Board: MMMW) notes that President Obama signed the tax package legislation which now includes a one-year extension in the deadline for beginning construction of new renewable energy projects in order to qualify for the 30% tax credit which can be converted to U.S. Treasury cash grants. The December 2012 deadlines to complete construction did not change.
The wind industry appreciates the strong support of the American Wind Energy Association and other renewable energy organizations seeking a cleaner environment. American Wind Energy Association CEO Denise Bode said, "Orders will be on the rise for new wind power, and investors will put more capital into the U.S. economy because of what happened in Congress. This is a great day for American workers. Factories across the country will restart production lines, recall workers and avoid layoffs that would have followed the loss of this key incentive for wind energy. With consistent policies like this one, wind energy can generate 20 percent of America's electricity within 20 years, and employ half a million Americans."
The bill also allows a 100% depreciation bonus on new equipment placed into service after Sept. 8, 2010 and through the end of December 2011 for qualified projects under $500,000. Instead of depreciating a project over the normal depreciation period, the entire cost could be deducted in the year the project goes into service.
Section 461 of the Internal Revenue Code may allow a maximum of another three and one half months extension in the deadline beyond the current changes under certain criteria and qualifications.
Mass Megawatts Wind Power Inc. (MMMW) plans to implement use of these credits, grants and depreciation in conjunction with any appropriate state grants as part of their future marketing campaign. Presently, the company has in place a 10 year payment option which in good wind sites can provide the power plant purchaser with a favorable payback on their investment.
Over the last several months, Mass Megawatts Wind Power, Inc. (MMMW) has made significant improvements and upgrades to the augmentation and blade design of the mass production model. As details are finalized, expectations are that early next year, the company will be moving into this next level of operations.
This press release contains forward-looking statements that could be affected by risks and uncertainties, including but not limited to Mass Megawatts' ability to produce a cost-effective wind energy conversion device. Among the factors that could cause actual events to differ materially from those indicated herein are: the failure of Mass Megawatts Wind Power, Inc.'s to achieve or maintain necessary zoning approvals with respect to the location of its MAT power developments; the ability to remain competitive; to finance the marketing and sales of its electricity; general economic conditions; and other risk factors detailed in periodic reports filed by Mass Megawatts Wind Power, Inc.
SOURCE Mass Megawatts Wind Power, Inc.