IKEA loves BigWind, but admits it needs tax dollars to make $

How much are you, IKEA, paying for your wind energy? I’m sure it is well above market value and you will pass that bill along to your customers. Isn’t it also interesting, that Illinois, home of various BigWind projects, flat out states that there will be NO tax breaks or other incentives? The industry has received the wind production tax credit for approximately 30 years now, and they are still not able to stand without government support.  How long should we continue to support their failures??????????????????????????????????????????????????????? Let your Senators know how you feel.  The wind lobbyists and other green groups are attacking Ohio and federal legislators right now. They have called their troops to actions because of OH SB310 (freeze renewable mandates) and they persuaded 5 Republican Senators to verbally agree to renew the federal wind production tax credit. Ohio Senator Rob Portman deserves a call from you…

The U.S. subsidiary of Swedish furniture retailer IKEA announced Thursday that it is buying a long-planned wind-energy project in eastern Illinois as part of the company’s initiative to offset its energy use with renewable energy generation.

And IKEA insists the project, which has not yet been built, is more than public relations. The company believes that, long term, wind energy will help the company’s bottom line, Chief Financial Officer Rob Olson said.

But right now wind power is a struggling business. Cheap natural gas and the end of a federal tax break for wind-power producers have left wind generation unprofitable….

Olson declined to say how much money IKEA is paying….

For the Hoopeston project, Olson said IKEA will receive some form of government incentives, though he declined to name the source or their dollar value.

Both the Illinois Department of Commerce and Economic Opportunity and officials in Vermilion County, where the project is located, say they’re not providing tax breaks or other incentives….

Right now, Olson acknowledges, wind-power generation needs government incentives to make money…

via CHAMPAIGN, Ill.: IKEA buying Illinois wind-energy project | Business | Macon.com.

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Shame on you, Senator Rob Portman!

Shame on you, Rob Portman, of Ohio! He caved and supported the BigWind handout. Do you know him? If so, please call him and share your disappointment…

Republicans claim they are unable to roll back anti-free market policies with their limited control of the federal government. But one would expect them to block renewals of bad policies once they have expired.

Last year, Congress allowed the wind energy subsidy (Production Tax Credit) to expire, along with dozens of other targeted market-distorting “tax extender” pork provisions. Evidently, not being able to take yes for an answer, some Republican members of the Senate Finance Committee helped Democrats pass these special interest subsidies.

All conservatives agree that we need to lower the tax burden on businesses and individuals who actually pay taxes, but it is important that we differentiate between tax cuts and subsidies. Tax cuts take the form of universal reductions in net taxes for those individuals and entities that actually incur a positive tax liability. Targeted or parochial credits (and certainly refundable credits) for specific industries, products, or services–especially those who pay little or no taxes–are nothing but subsidies and corporate welfare….

The most egregious of the tax extenders are the energy subsidies. Most of these industries, particularly Big Wind, make little or no profit, offer the public no investments, and pay no taxes, yet their productivity is almost completely subsidized. The 2.2 cent per kilowatt-hour production tax credit is by far the most offensive of the credits. The Heritage Foundation estimates that if the oil industry received a commensurate subsidy, they would get a $30 dollar check for every barrel produced. This refundable credit is the corporate equivalent of the Earned Income Credit and is woefullydistorting of the energy market….

Senator Pat Toomey (R-PA) did propose an amendment to eliminate all of the energy subsidies within the package, but it only garnered the support of five other Republicans–Senators Burr, Enzi, Hatch, Isakson, and Roberts. Democrats voted down the amendment, along with support from GOP Senators Grassley, Crapo, Cornyn, Thune, and Portman. Ultimately, the underlying bill was adopted unanimously by voice vote…

via Green Energy Subsidies Pass Senate Finance Committee by Voice Vote.