Posted: Oct 23, 2012 7:29 AM by AP/CS
BATON ROUGE, La. (AP) - Public Service Commissioner Clyde Holloway and the renewable energies industry faced off before legislators on the merits of a solar energy tax credit.
On Monday, Holloway warned members of the Revenue Study Commission that the tax credit could become a state budget buster unless limitations are added.
Tucker Crawford, with the Gulf States Renewable Energy Industries Association, countered that the credit creates job growth, which should be allowed to spiral out of control.
The Advocate reports at issue is a tax credit for expenses tied to the purchase and installation of wind or solar energy systems. The credit applies to 50 percent of the first $25,000 in purchase or installation expenses. Officials estimate the credit will reduce state revenues by more than $13 million in the current fiscal year.