Wind Tax Credits Likely to Survive Fiscal Cliff Plunge

One-year extension for favored industry

A tax credit that provides incentives to produce wind energy, a financial lifeline for the wind power industry, will likely be extended if Congress approves a tentative deal between Senate Democrats and Republicans to avert the "fiscal cliff."

President Barack Obama said on Monday that a deal with Congress to stop a range of spending cuts and tax increases was "within sight," although not yet finalized.

According to the sources close to the 11th-hour negotiations, the deal would include a one-year extension for a tax credit to support the production of wind energy, which was set to expire at year-end without an extension by Congress.