Podcast: New Jersey's Offshore Wind Industry
NJ Spotlight | Where Issues Matter
Podcast: New Jersey's Offshore Wind Industry
In its attempts to lure an offshore wind company to set up shop in New Jersey, the Legislature passed a 2010 law granting $100 million in tax credits to any manufacture that opted to call the Garden State its home port.
The $100 million credit may sound like a sizable sum, but no offshore wind outfit took up the offer in the past two years -- and the proposal was set to be rescinded by the end of 2012 (which is exactly what happened).
But New Jersey wasn't just banking on a wind-turbine manufacturer that could give it a foothold in the offshore-wind sector (although that would have been a good beginning). It was hoping that this same manufacturer could jump start an entire green industry, replete with jobs, revenues, and a sizable tax base.
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