Corporate tax credits all about corporate cronyism, not saving the environment
Published May 5, 2017
by Brian Balfour, Civitas Institute, May 3, 2017.
As if there needs to be any more evidence, the release of the largest beneficiaries of North Carolina’s $245 million worth of ‘renewable’ energy tax credits last year shows that such government schemes are about helping corporate cronies, not the environment.
Blue Cross and Blue Shield, the state’s largest health insurer, claimed $37 million in 2016, the biggest renewable tax credit user for the year. Duke Energy Corp. claimed $23.9 million and Progress Energy (since renamed Duke Energy Progress) $7.5 million. Wells Fargo Bank claimed $13.2 million, the N.C. Farm Bureau Mutual Insurance Company $9.3 million and Bank of America $7.7 million.The largest individual claim came from Strata Solar CEO Markus Wilhelm, who claimed $4.8 million.
Much further down the list was iPhone maker Apple, which operates data centers in the state, which claimed $1.7 million.
O’Hara said that insurance companies and other corporate beneficiaries are typically investors in solar farms, and can claim the tax credit because they are the ones who finance the undertaking.
May 5, 2017 at 9:14 am
bruce stanley says:
Get rid of them. Continue lowering the corporate income tax rate. Fair for all. No bribing companies with tax incentives to move here either. Play it straight.
