Budget & Tax, Energy
Free Market Friday: Decimating wind subsidies
November 4, 2016
In a report from the state of Oklahoma Incentive Evaluation Commission on the tax credit for zero-emission facilities, the commission made clear that state subsidies for wind power generation in Oklahoma are decimating the state budget.
No doubt, the proponents of redistributing the hard-earned dollars of Oklahomans to prop up wind power generation will attack anyone opposed to their giveaway mercilessly. This attack will occur because the results of the commission’s analysis are pretty damning for the notion that Oklahoma should continue state-funded wind subsidies.
In the report the commission notes: “While the credit will be closed to new recipients in 2021, the additional possible eligible facilities (and the 10 years of credits for each) create a significant threat to the State budget.”
Even more concerning for core services and taxpayers, the commission found: “There are not current adequate protections (such as caps) to deal with possible future fiscal impact.”
Based on the report, for the fiscal year ended June 30, 2014, a whopping $113 million in zero-emission tax credits were claimed. Nearly half of all K-12 public school classroom teachers in Oklahoma could be paid a $5,000 raise for what Oklahomans are shelling out in wind subsidies.”
Read the rest over on The Journal Record.