The state’s highly scrutinized Business Energy Tax Credit is capped to make up for high costs.
The Legislature capped the amount companies can claim under the Business Energy Tax Credit program at $450 million.
The new limit is part of an effort to rein in the program’s extravagant costs. The program has also come under intense criticism for providing tens of millions of dollars in tax incentives to out-of-state companies.
The bill stops short of canceling a program that is based on an idea that remains popular in Salem: Oregon should offer incentives for manufacturers and installers of green energy.
In fact, the bill expands the tax credits available through BETC, making manufacturers of on- and off-road electric vehicles eligible for a credit of up to $1.25 million, a change that was sought by Oregon manufacturers including electric-car start-up Arcimoto of Eugene.
Read the full story at The Register-Guard.
{biztweet}Oregon Business Energy Tax Credit cap{/biztweet}
