Library filed under Taxes & Subsidies
MidAmerican Energy won a favorable ruling from South Dakota regulators Tuesday for its wind turbines already spinning — but in Iowa.
According to the final tax reform bill released on Friday, subsidies for electric cars, wind farms, and solar panels will be preserved.
Solar energy advocates are asking a state court to overturn a decision by the Montana Public Service Commission that reduced the price for electricity generated at small renewable energy power plants.
It’s become a national leader in wind-power generation, but in deep-red, oil-rich Texas, many conservatives still turn a skeptical eye toward renewable energy — despite growth numbers that dwarf virtually every other sector of the economy.
Both wind and solar power remain troublingly intermittent — and require backup generation from gas and coal for every moment when the wind doesn’t blow and the sun doesn’t shine. As such, they remain expensive and cumbersome forms of power generation. And while their market share has grown impressively, they still only contribute 7 percent to America’s total electricity needs. In short, they are by themselves unreliable for an economy that needs power in all conditions, and at all times of day.
But because of those exemptions, almost $630 million of wind-farm equipment will never be taxed. If it were, it would generate around $82 million a year for the 24 rural counties with wind farms.
The following letter will be sent to Congressional Leaders and those Senate and House Republicans now working to reconcile the two tax bills.
The Senate bill should serve as the PTC/ITC blueprint for the final bill. Any changes recommended by the conference committee should be addressed swiftly and fall within the envelope of the Senate bill. This is an important step, but only first step, toward a level-playing-field between electrical energies that will, longer term, improve grid reliability coast-to-coast, border-to-border.
CHEYENNE – If lawmakers in Wyoming are to consider a wind energy tax increase in 2018, it won’t come from the Wyoming Legislature’s Joint Revenue Committee.
Last minute changes to the Senate tax cut bill passed on Friday could have a negative effect on the growth of renewable energy projects, industry analysts confirmed to Utility Dive Monday.
Wind developers could be in for a tax bill surprise.
Wind farms have offered less of an economic boon than the industry had promised ...“Some studies produced by consultants assumed larger spillovers from the wind projects to the local economy. Our research showed that the spillovers were likely to be much smaller than their assumptions.” [T]he majority of the economic effect of wind farms benefits local landowners who lease plots to the farms.
In 2012, Senator Bob Menendez (D-NJ) filed S.2204, the Repeal Big Oil Tax Subsidies Act of 2012, that would eliminate over $20 billion dollars in what he defined as annual tax subsidies for “major integrated oil companies.” The savings would be redirected to renewable energy programs. The bill failed, but during the floor debate, Senator Kyl (R-AZ) presented a detailed review of the tax code regarding the oil and gas industries and showed how there were no special tax provisions for these industries. The transcript of Senator Kyl's speech on the Senate floor is provided below and can be accessed by clicking the links on this page.
Despite including lots of useless information about comparative consumption and gas emissions, energy bills don’t include the percentage of your account that has been imposed as a result of subsidies such as the Renewable Energy Target (for which we collectively paid $2.7 billion last financial year, in case you’re wondering).
As Warren Buffet said in 2014, ….“…we get a tax credit if we build a lot of wind farms. That’s the only reason to build them”. Wind Energy is the biggest crony capitalism scam in our lifetime. ...Look at wind turbines for what they are: “Subsidy meters”.
“You don’t need to be an accountant to know that our tax code is too complicated, takes too many dollars away from working Americans and makes it harder to create good-paying jobs… The wind production tax credit is a perfect example of the kind of provision Congress should kiss goodbye.”
With the Senate tax bill speeding toward a vote, renewable energy trade organizations on Wednesday raised the alarm about an obscure and “extremely problematic” provision they say would pull the investment rug out from underneath renewables projects.
The IRS flouted Congressional intent …and knowingly transformed the PTC phase-out into a 5-year PTC extension. Without reform, the PTC tax will grow to an additional $32+ billion in the next decade, not including the credits awarded projects already operating.
The Senate’s latest tax-overhaul bill includes rules that aim to make it harder for U.S. businesses to keep money overseas and shielded from U.S. taxes. The problem for the wind- and solar-power industries is that big financiers with international footprints have become essential to their development, and the new tax policy may dissuade them from keeping that investment going.
Executives of seven wind energy companies pressed Gov. Sam Brownback to lobby the state’s congressional delegation in opposition to a cut in a federal tax credit that could derail $1.5 billion in planned projects across Kansas.