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No. of Recommendations: 5
Walmart, others make money on Oregon's energy tax credits

http://www.oregonlive.com/politics/index.ssf/2009/12/walmart...

When Oregon started handing out jumbo tax subsidies for renewable energy projects two years ago, one of the biggest beneficiaries was also one of the world's richest corporations -- Walmart.

No, the retail giant hasn't branched to solar panels or wind turbines. Instead, Walmart took advantage of a provision in Oregon's Business Energy Tax Credit that allows third parties with no ties to the green power industry to buy the credits at a discount and reduce their state income tax bills.

State records show Walmart paid $22.6 million in cash last year for the right to claim $33.6 million in energy tax credits. The cash went to seven projects, including two eastern Oregon wind farms and SolarWorld's manufacturing plant in Hillsboro. In return, Walmart profits $11 million on the deal because that's the difference between what it paid for the tax credit and the amount of its tax reduction.

The loser in the transaction is Oregon's general fund -- which pays for public schools, prisons and health care programs -- because the state is out the full $33.6 million in tax revenues.
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Yup--the winner is a big evil corporation and the losers are kids, sick people and public safety. Just what you'd expect from envirowack-induced legislation formulated by a state government run by Dems.

--fleg
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