Proposed green-energy tax credits are drawing criticism from tax watchdog groups and even Democratic Representative Jefferson Smith.
Proposed green-energy tax credits are drawing criticism from tax watchdog groups and even Rep. Jefferson Smith (D-Portland).
Tax Fairness Oregon and the Oregon Center for Public Policy strongly oppose House Bill 3227, the so-called “CAPCO Bill,” or capital company bill.
…The concept has boomeranged around the country after beginning in Louisiana in the 1990s. That state, Colorado, Florida and Washington, D.C., have all tried variations of CAPCOs with little or no job creation and very high costs.
As written, [Rep. Jules] Bailey’s bill would give tax incentives to investors—typically insurance companies—to invest up to $30 million annually in local venture capital companies, which would then invest in green energy. The investors would get a dollar’s worth of tax credit for each dollar invested.
That incentive is even more generous than the infamous Business Energy Tax Credits, which at their peak allowed investors 50 cents of tax credit for every dollar invested.
Read more at Willamette Week.
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