Incentives for renewable energy firms gets OK
Published on Monday, July 06, 2009
Legislation providing incentives to encourage renewable energy firms to locate or expand their operations in Arizona cleared the state Legislature last week.
The bill (SB 1403) gives eligible firms a financial incentive from the state equal to 10 percent of what they spend on building a new manufacturing operation or a corporate office. The incentive is only provided after the firm has made the investment in facilities or employment.
A stipulation of the bill is that at least half of the company’s workers would have to be paid at least 125 percent of the state’s annual prevailing wage of $37,050. Firms would also have to cover at least 80 percent of each worker’s health insurance costs.
The legislation was jointly developed by Tucson Regional Economic Opportunities and the Greater Phoenix Economic Council. It was anticipated that Gov. Jan Brewer would sign the bill into law.
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