Nevada providing tax incentives to geothermal power companies
Nevada lawmakers gave final approval to two major renewable energy measures, including one that was revised to extend tax incentives to geothermal power companies.
In a new positive towards attracting investments in the state’s renewable energy sector, “Nevada lawmakers gave final approval Thursday to two major renewable energy measures, including one that was revised to extend tax incentives to geothermal power companies”, so local news in the state.
According to the article, “AB522 renews tax abatements that were set to expire in July 2009. Assemblywoman Marilyn Kirkpatrick, D-North Las Vegas, and other lawmakers worked to ensure that the incentives would not be too generous. That included eliminating part of a break on sales taxes that go to schools.
“I feel like a million bucks because now that weight has been lifted,” Kirkpatrick said. “We didn’t give away the farm. It’s good public policy with lots of accountability, and high-paying jobs. That’s a big deal.”
Kirkpatrick added that she got an e-mail from Gov. Jim Gibbons stating that he would sign the bill on Friday. There was concern among legislators that the governor would veto the bill, but Kirkpatrick said she worked with the governor’s staff to meet some of their requests.
For instance, she deleted a requirement that the governor’s appointment of a new energy commissioner would have to be approved by lawmakers. Also, a proposal to raise energy rates to fund the commission was removed, and an alternative funding source was found using Public Utilities Commission reserves.
Geothermal energy was originally left out of the bill because of concerns from rural legislators. But the amended bill allows counties to opt out of the abatements.
“The counties are ecstatic, and geothermal is living with it,” Kirkpatrick said.”I don’t know how you can have the most sweeping two bills in renewable energy in the country and not include geothermal,” said Sen. Randolph Townsend, R-Reno. “It’s considered a mineral, but it’s the only renewable mineral we have, and it has kind of been ignored over time.”
Source: Mercury News