Oregon’s biggest problem used to be logging jobs lost from spotted owl lawsuits.
A new sort problem is developing. Green jobs and green programs are going off the rails. Portland recently passed a draconian “Climate Action Plan to reduce CO2 emissions by 80% that has little chance of succeeding by its 2050 deadline.
Read the story from the Oregonian here
The latest news is that the Green Tax breaks aren’t what they were promised to be and taxpayers are getting hosed for a cost 40 times what was voted on:
State officials deliberately underestimated the cost of Gov. Ted Kulongoski’s plan to lure green energy companies to Oregon with big taxpayer subsidies, resulting in a program that cost 40 times more than unsuspecting lawmakers were told, an investigation by The Oregonian shows.
It gets worse. Now tax breaks are being sold in Oregon for less than they are worth.
Read about it here in the Register Guard
The tax credits can be sold, enriching companies that have nothing to do with renewable energy, and the swelling program is a drain on state revenue, critics say.
Here are some examples:
- Peak Sun Silicon, of Millersburg, sold a $3.25 million tax credit to US Bank for $2.18 million.
- Peak Sun also sold a $5.85 million tax credit to two companies: Nordstrom for $2.85 million and Standard Insurance for $2 million.
- Solaicx, of Portland, sold a $9.04 million tax credit to US Bank for $6.05 million.
- SolarWorld, of Hillsboro, sold an $11 million tax credit to Wal-Mart for $7.37 million.
- SolarWorld also sold a $10.96 million tax credit to Flir Systems, of Portland, for $7.34 million.