Library filed under Taxes & Subsidies
The move was announced as part of Theresa May's new industrial strategy; She said green subsidies should be slashed to help steel plants compete abroad
President Donald Trump has disputed climate change, pledged a revival of coal and disparaged wind power, and his nominee to head the Energy Department was once highly skeptical of the agency's value. What this means for states' efforts to promote renewable energy is an open question.
A proposal in the North Dakota Legislature would change the allocation of taxes paid by the Courtenay Wind Farm, seen here in October 2016. Local governments would see about 30 percent less than they do now under the proposal. The Courtenay Wind Farm pays about $850,000 per year in taxes.
“Any tax reform that reduces corporate tax appetite would erode the potential supply of tax equity, pushing the supply-demand balance even further toward a buyer’s market,” said Daniel Shurey, an analyst at Bloomberg New Energy Finance in New York. “In this situation, only the most experienced and well-capitalized developers would catch the attention of tax equity investors.”
State Sen. Bergstrom has filed a bill that would cap tax credits at $25 million statewide for electricity generated by zero emission facilities, including wind energy, and another that could use the savings to provide a graduated teacher pay raise over the next three years.
The U.S. Department of Energy says Fishermen's Energy failed to meet a Dec. 31 deadline to have a power purchase agreement in place. The department is revoking most of the $47 million in funding it pledged to the project in 2014; about $10.6 million has been spent.
In order for Trump to follow through on his promise to eliminate this corporate power over federal money, he must work on removing these credits for the tax code; and with Republicans dominating the House and Senate, now is the time to begin.
The fight to beat back the perceived encroachment of wind energy developments on military airspace in Texas is being re-ignited this legislative session. This month, Sen. Donna Campbell (R-New Braunfels) filed a Senate Bill 277, which attempts to limit tax incentives to wind farms built within 30 miles of military bases.
In yet another sign of the crisis caused for many in the province by soaring electricity rates, the Ontario Association of Food Banks says the fallout is putting the squeeze on the basic needs of many. “If people have to choose between keeping the lights on and going hungry, they go without food,” Carolyn Stewart, executive director of the association, said ahead of Monday’s release of the group’s Hunger Report 2016. Soaring hydro costs have become an Achilles heel for the Liberal government, which took a costly plunge into green energy in 2009.
The poll suggests the issues Ms. Wynne has spent most of her time on – building transit and fighting climate change – are low on voters’ priority lists. Infrastructure investments was the top issue for just 4.8 per cent of respondents, and the environment clocked in at 4 per cent.
Outgoing Senate Finance Chairman Mike Mazzei addressed the Incentive Evaluation Commission recently in support of a report that examined the cost versus benefits of the state’s Zero Emission Facility tax credit. The PFM consulting group determined the cost significantly exceeds the benefits of the program, and recommends that the credit termination date should be accelerated.
After billions in public hand-outs spanning nearly four decades, big wind has never been able to stand on its own and there's no reason to believe this will change. ...If yanking the handouts causes the industry to flat line then so be it. The US has elected a businessman at the helm who understands what it means to cut your losses. It’s time we did exactly that!
County Planning Director Sid Fox said a zoning permit is usually required to start construction on a wind farm, but said due to the fact the two were simply requesting to dig holes to beat the colder weather and to meet the requirement for the production tax credit, they did not need the permit.
Continental Resources Inc. chief Harold Hamm, Mr. Trump’s chief adviser on energy issues, said subsidies for renewable energy like solar and wind, and credits for electric cars, should be eliminated. “None of it should be subsidized, none of it,” Mr. Hamm said Wednesday. “If it makes it in the market, fine.”
This action was a serious breach of the revenue department's ethical responsibility to act in the best interests of all Oregon taxpayers. The department's involvement in the failures of the BETC program needs further investigation. Taxpayer money should not have been allowed to flow out of state coffers into the BETC program with little to no supervision.
The Court of Appeal recently upheld the government’s right to cancel the Climate Change Levy (CCL) exemption for renewable generators. In effect this is a retrospective removal of subsidy entitlement, and should remind investors that even a seemingly secure economic rent will collapse when push comes to shove.
An Oklahoma tax credit that provides millions of dollars to the wind industry yearly is overly generous and should be curtailed sooner than planned, according to a consultant's report considered by a state committee Friday.
Some of the biggest names in Oregon's renewable energy and forest products industries landed on a list of suspicious state giveaways during an investigative audit of Oregon's Business Energy Tax Credit Program. ...The audit details ongoing and costly failures by staff at the Oregon Department of Energy in applying the most fundamental rules of the program or performing basic due diligence to ensure tax credit applicants qualified for the money and used it as intended.
The reasons for the extension request, Nextera’s attorney Mary Solada told council Tuesday night – in front of a packed council chambers – is due to the project still needing a purchaser for the power which the project would create, in addition to complications in Rush County which prevented Nextera from filing their zoning application until just recently.
Section 1603 created a system whereby certain renewable energy facility owners became entitled to cash grants. But owners of “specified energy property” like the plaintiffs became entitled to grants equal to 30% of “the basis of such property.” “And therein lies the dispute,” the court said in its opinion.