Tax credit backlog looms

The Business Energy Tax Credit could still cut into state revenue for over a decade.

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The Oregon Legislature is set to vote on how to modify the costly Business Energy Tax Credit program.

But even if the program were eliminated, it would continue cutting into state revenue for over a decade.

If the law remains unchanged, the Legislative Revenue Office forecasts that the pipeline of credits could swell by an additional $1.1 billion by 2011. Even with the changes being voted on today, the credits would jump by an estimated $638 million.

State economists and energy officials warned legislators last week that they have only begun to understand the magnitude of the tax credit backlog and when it will flow through tax returns to hit state coffers.

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