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Potential revenue: Oregon governor requesting review of energy tax credits for business.
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AP Photo - Oregon Governor Ted Kulongoski
Ted Kulongoski has implemented two state agency heads to review Oregon’s tax incentives for companies that develop renewable energy, specifically wind energy. Mark Long - Energy Department chief - and Tim McCabe -Director of the Oregon Business Development Department - agreed to have their recommendations by month’s end.
The Business Energy Tax Credits are awarded to companies that design and implement clean, renewable energy solutions, and are granted as a way to bring jobs and clean power to Oregon. However, the governor thinks the program needs constant review considering the credits reduce potential revenue for the state.
Since 2007, the loss of revenue caused by the energy tax credits has gone from about $10 million a year to an estimated $167 million. Estimates for 2011-13 biennium approach $250 million dollars.
Lawmakers have been gearing up to reduce or eliminate the credits when the legislature meets in February of next year.
Reducing or eliminating these tax credits can generate millions for the state, but at the expense of increasing tax liabilities for the companies who receive the incentives.
Source – EIN News Service
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