N.J. approves controversial tax breaks to help wind farm in Murphy’s fight against climate change - NJ.com
N.J. approves controversial tax breaks to help wind farm in Murphy’s fight against climate change - nj.com
New Jersey is poised to enact a controversial law that supporters say will help save the state’s footing in the fledgling wind industry, especially amid the fight against climate change, while opponents decry it as a corporate bailout for a foreign company that will lead to higher energy rates.
The Democratic-controlled state Legislature voted along party lines Friday afternoon to narrowly pass a Democratic-sponsored bill that would allow Ørsted, the Danish energy developer constructing New Jersey’s first offshore wind farm, to keep billions in federal tax credits that would otherwise go to ratepayers.
Related Knowledge Center: Climate legislation
The federal government and states are in the process of implementing two laws — the Infrastructure Investment and Jobs Act and the Inflation Reduction Act — an investment of more than a trillion dollars to address climate change.