Tax incentives for businesses using renewable energy mulled
A city councilor will pass an ordinance that would grant tax incentives to businesses using renewable energy.
In his proposed ordinance, City Councilor Eldrid Antiquiera, chair of the committee on environment, said individuals or corporations can avail of 30 percent tax incentives when they use renewable or “green” energy for operation. The “green energy” many include solar, wind or hydro.
He said the proposed tax incentive will encourage individuals or corporations to use renewable energy. The scheme will help in protecting the environment. The context of the entire proposal will be deliberated on the floor by the city councilors.
It is expected that the proposed ordinance will pass the eye of the needle before its final approval. Nevertheless, the proponent said he is ready to defend his proposal.
Antiquiera added that the proposed ordinance was also meant to protect the environment and minimize the use of fossil fuels. Green house gases will be lessened with the use of renewable energy.
The proposed ordinance which will be presented this Wednesday is most likely to be referred to the committee on ways and means chaired by Councilor Antonio Pesina.
The committee on ways and means will study on whether the proposed ordinance is beneficial to the city government, said Antiquiera.