State phases out much-maligned Business Energy Tax Credit
New tax breaks will be offered
The Oregon Department of Energy is rejecting all new applications for the state Business Energy Tax Credit submitted after April 15, and will phase in new replacement tax incentives.
The tax break, known as the 'Betsy' for its BETC acronym, helped spawn Oregon's fast-growing solar manufacturing industry, and promote new wind turbine projects. But it was cancelled by the 2011 Legislature amid criticisms the money was doled out loosely and to companies that would have invested here anyway.
Under newly adopted House Bill 3672, the BETC is being phased out and replaced with three separate programs to provide tax breaks for renewable energy, conservation and transportation.
The Oregon Department of Energy will create new rules to govern those new tax breaks.