USA: New Jersey Proposes Offshore Wind Sales-Tax Exemption Bill

A new bill that goes in favour of offshore wind development in the U.S. was put before the Senate Environment and Energy Committee on Thursday and received bipartisan support, the NJ Spotlight news site informs.

The new bill, sponsored by Senator Jim Whelan, proposes sales-tax exemption, eliminating sales taxes on materials and equipment for manufacturing wind energy components. This move would contribute to the plans to make New Jersey an offshore wind industry hub.

However, the Christie administration is opposing the bill, claiming that it would cost the state around USD 7 million in revenue.

Senator Whelan argues that opinion: “How do you lose $7 million when we’re not manufacturing anything right now?’’

Senator Jennifer Beck backs his standpoint by saying that the state could generate a lot more in income tax revenue.

[mappress]

Offshore WIND staff, September 24, 2012; Image: Bard Offshore