JUNO BEACH, Fla. – NextEra Energy, Inc., Chairman and CEO Lew Hay issued the following statement on today’s hearing of the Subcommittee on Select Revenue Measures of the Ways and Means Committee of the U.S. House of Representatives:
“America’s tax code needs reform. High corporate tax rates place U.S. firms at a competitive disadvantage with those from most other industrialized nations, and the complexity of our tax structure imposes high costs of compliance as well. Moreover, the temporary nature of many tax provisions creates additional uncertainty for job creators, especially for those of us in capital-intensive industries that realize returns over many years or even decades.
“While Congress considers options to make America’s tax code more competitive, current tax policy that encourages private investment in U.S. manufacturing jobs should continue. One example of sensible tax policy is the Production Tax Credit for renewable energy. The PTC does not enable the federal government to choose which companies prosper, but rather creates a market in which smart investments and sound operations can be successful, and in which U.S. customers reap the benefits of a diversified energy portfolio. The PTC enables our country to pursue an ‘all of the above’ energy strategy.
“The PTC has leveraged more than $60 billion of private investment in the wind industry alone. This industry directs capital to rural America, and supports a manufacturing base that has more than doubled since 2004, and now includes more than 400 manufacturing facilities across the country.
“Chairman Tiberi deserves credit for drawing attention to expiring tax provisions such as the PTC. We will continue to work with Republicans and Democrats on the Committee and share with them how the PTC helps create jobs across America. The PTC has won bipartisan support many times over, and it remains worthy of that support in the years ahead.“
NextEra Energy, Inc.
NextEra Energy, Inc. (NYSE: NEE) is a leading clean energy company with revenues of more than $15.3 billion, more than 41,000 megawatts of generating capacity, and approximately 15,000 employees in 24 states and Canada as of year-end 2011. Headquartered in Juno Beach, Fla., NextEra Energy’s principal subsidiaries are Florida Power & Light Company, which serves approximately 4.6 million customer accounts in Florida and is one of the largest rate-regulated electric utilities in the country, and NextEra Energy Resources, LLC, which together with its affiliated entities is the largest generator in the United States of renewable energy from the wind and sun. Through its subsidiaries, NextEra Energy operates the third largest number of commercial nuclear power units in the United States. For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.