Green tax break offsets GHG fees
May 5, 2009 by Tom GuayPosted in: In this week's e-newsletter, Latest News & Views, News
Sure, the era of greenhouse gas (GHG) regulation will feature regulatory headaches, but that’s not stopping Tennessee from taking advantage of the situation to create new jobs.
The state has already struck deals with two companies to build manufacturing facilities in Tennessee and create 1,000 new “green” jobs for the Volunteer State.
The lure: State tax breaks to offset future carbon taxes or emission fees.
The Tennessee tax break promises to offset costs of carbon emission fees or taxes to green energy manufacturers or suppliers that invest at least $250 million in the state. The first to take up the offer from Gov. Phil Bredesen (D) are:
- Waker Chemie AG, which will build a $1 billion plant and create 500 jobs in Bradley County, and
- Hemlock Semiconductor Corp., which will build a $1.2 billion facility and create 500 jobs in Montgomery County.
The green component: Both plants will produce polycrystaline silicon, a material used to make solar cells and semiconductors.
The tax breaks are part of the Bredesen administration’s plan to create so-called “green-collar” jobs in Tennessee. Other incentives the state offers: fast-track approvals for infrastructure development, job training assistance and tax credits for job creation.
To find out more about Tennessee’s tax credit, go here.
Tags: carbon tax, GHG, green jobs
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