This is a perfect example of why voting is so important. Oklahoma regrets a tax incentive that now allows them to be held hostage by BigWind. Read below and you will see that if the incentive is eliminated or phased out, BigWind will sue. They are absolutely raping the taxpayer, making more $ in tax incentives than by selling electricity. That is not a misprint. The same happens here. Production statistics are NOT good for BigWind….they make more $ off of the MULTIPLE tax credits, incentives, etc….will this happen in Ohio if our legislators allow the BigWind lobbyists to shorten our setbacks?????
A high stakes battle is being waged in the state Capitol over a bill that would kill a wind industry subsidy that currently is costing Oklahoma taxpayers about $70 million a year.
The Oklahoma House voted 51-46 Wednesday to kill the refundable aspect of the zero emissions tax credit. Senate Bill 888 is now awaiting further action in the Senate.
Mockingly referred to as “corporate welfare” and a “scam” by some Oklahoma House members, the zero-emissions tax credit already is scheduled to be phased out over the next 10 years…..
State Rep. Leslie Osborn, R-Mustang, said she didn’t like the way the tax credit was structured, but warned her fellow lawmaker that ending the tax credit early would only lead to costly litigation.
“They’ve said they will litigate — they’ve done it in other states and they will win,” Osborn said….
The zero-emissions tax credit initially was approved by the Democrat-controlled 2001 Legislature as an incentive to attract the then-fledgling wind and solar energy industries to locate in Oklahoma.
Republican former Gov. Frank Keating, who signed the bill into law, has since said that decision was a “mistake.”
The tax credit was touted to lawmakers as an incentive that would cost the state less than $2 million a year, he said in a 2017 column in the Tulsa World. Because of the tremendous growth of Oklahoma’s wind industry, it is now annually costing the state more than 35 times that amount.
“Because the tax credits weren’t limited or capped, the zero emissions tax credit has warped into a scam costing taxpayers millions to the detriment of other publicly funded services,” Keating said in his column.
“In 2014, the credits became directly refundable, meaning the state writes wind companies checks for 85 percent of the value of each credit,” he said. “That’s essentially a blank check funded by taxpayers that goes to multibillion-dollar corporations based outside of Oklahoma and mostly located in foreign countries. It’s the worst kind of corporate handout.”…