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Corporate Welfare: Lawmakers pass controversial bill to give tax break to offshore wind developer
Lawmakers narrowly advanced fast-tracked legislation Friday that would give a Danish company a multimillion-dollar tax break for its offshore wind project, despite objections from Republicans who slammed it as “corporate welfare.” The bill would allow Ørsted, the company approved to build a 1,100-megawatt project 15 miles off the Atlantic City coastline, to keep federal tax credits that otherwise would return to ratepayers. The value of the credit would be $2.40 per year per ratepayer, by Ørsted’s estimate, but the company’s total potential savings is unclear. Critics questioned why legislators should give “a corporate bailout to a foreign company on the backs of New Jersey ratepayers,” as Assemblywoman Vicky Flynn (R-Monmouth) put it. >click to read< 09:25
