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Governor approves tax changes for wind industry
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Tax breaks to encourage construction of more wind farms in South Dakota have been approved by Gov. Mike Rounds.
The governor has signed a bill that would cut property taxes on wind turbines by basing those taxes on generation capacity instead of construction costs.
A reduction in property taxes for wind farms was passed in 2003, but officials say it’s no longer effective because the cost of the towers has risen substantially.
A wind turbine costs about $2 million, of which 40% is currently subject to property taxes.
The law also will tax a wind farm’s gross receipts to help build power lines and other facilities.
Associated Press
14 March 2008
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