Energy official to stump for energy tax credit

Acciona plant in West Branch one of the stops

WEST BRANCH — The uncertainty surrounding extension of a key federal tax credit for purchasers of wind turbines is prompting a visit to plants in West Branch and Des Moines  by a U.S. Department of Energy official. David Sandalow, acting U.S. undersecretary,  on Wednesday will tour the Acciona Windpower plant in West Branch, where 1.5 megawatt and 3 megawatt wind turbines are assembled. More from the Gazette

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 Nationwide ,renewal of the Production Tax credit is being equated with fighting for American jobs.
The jobs that the wind industry is fighting for are costing more than they are worth.

We are subsidizing the economic downfall of our nation.

Here is an example of Acciona's means to sustainability and the American jobs that the wind industry creates.
In 2007, the Des Moines Register reported that Acciona planned to invest $95 million to build and operate a wind turbine assembly plant in West Branch Iowa.

Acciona Energy North America, a subsidiary of Spain based Acciona Energia, received $2.85 million in loans and forgivable loans from the Iowa Economic Development Board. It also will seek $2.3 million in tax breaks from the state for high-quality job creation.
Acciona plans to create 110 jobs that will pay an average of $15.14 an hour.
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Acciona got up to $5,150,000 in corporate welfare from the State of Iowa taxpayers in order to create up to 110 jobs that pay an average of $15.14 an hour. That means that Iowa taxpayers are spending almost $47,000 for each of the 110 jobs that pay an average of $31,500 a year.
Acciona pays approximately $3,465,000 in annual wages.

Using a flat rate of 10% for a state and local tax burden would amount to $346,500 in state and local income taxes, or $3,150 per year, per employee.
At this rate, it will take 15 years for the state to recoup its subsidy of $47,000 per employee.
This is a conservative number and does not account for circumstances such as reduced taxes through exemptions assuming the company stays long enough for the state to re - coup their investment etc…

Adding insult to injury In 2009 , when Iowa schools across the state were forced to cut 1.5 percent from their budgets, a cut that would cost West Branch nearly $50,000.
Acciona asked the West Branch city council for a five-year, partial property tax exemption — worth about $115,000 — for a $10.7 million, 30,000-square-foot addition to its West Branch assembly plant

When will the giveaways end?

Additionally, government investigators recently discovered the Obama administration overpaid Acciona SA. $2.08 Million in a Federal Grant program.

Sources:
West branch Times online(WBTO)

WBTO ~ Council changes mind on Acciona’s $80K tax breaks

State 29~
Doing the Math on Acciona's Corporate welfare

Fox business

The Daily Outrage

The Gazette