Tax dollars blowin' in the wind
HB2472 would lower the maximum state payments to large wind projects from $10 million to $3.5 million -- shaving only about $20 million from the rapid growth of the subsidies.
That made sense when the Legislature approved the bill, and it makes even more now that the program is expected to grow by nearly $100 million ...one of the first orders of business should be to override the governor's veto of HB2472, and reduce the unnecessarily large tax subsidies of some energy projects in Oregon.
August 28, 2009
in The Oregonian
As Oregon's tax subsidies for green energy projects, mainly wind turbines, climb higher and higher, and are now projected to increase by nearly $100 million over last biennium, Gov. Ted Kulongoski's veto of a bill reining in the credits seems ever more a costly mistake.
When the governor vetoed House Bill 2472 three weeks ago, the state estimated that energy tax breaks would total about $144 million over the next two years. Now revenue forecasters are predicting that Oregon will subsidize wind and other renewable energy projects to the tune of $167 million this biennium -- a sum that opens... [continue via Web link]