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Proposed Tax Incentives Would Help Renewable Energy Industry
Tax incentives were put into place in 2005 to help bring in more renewable energy industries, but North Dakota’s tax commissioner says the state needs to do more.
Cory Fong announced today that he will be working with the 2007 legislature to introduce a new tax credit.
Fong is running for the tax commissioner seat to which he was appointed last year.
He says renewable energy industries, such as biodiesel, ethanol and wind would benefit from the proposal because the tax break would apply to owners of projects, and their contractors.
Fong says it would reduce costs and speed up projects.
(Cory Fong, Tax Commissioner) “We are becoming a leader in exporting energy, I think we have carved out a place in North Dakota to truly drive our economy, especially marrying it with ag processing and really becoming a leader in renewable development. It’s going to take leadership though and making sure our incentives are working.”
Fong says the new proposal will be easier to take advantage of, and help bring in more industries to the state.
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