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首页> 外文期刊>Journal of the Association of Environmental and Resource Economists >Nonrefundable Tax Credits versus Grants: The Impact of Subsidy Form on the Effectiveness of Subsidies for Renewable Energy
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Nonrefundable Tax Credits versus Grants: The Impact of Subsidy Form on the Effectiveness of Subsidies for Renewable Energy

机译：不可退还的税收抵免与赠款：补贴形式对可再生能源补贴有效性的影响

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摘要

I study wind energy investment and the impact of awarding subsidies as nonrefundable tax credits rather than as grants. Firms can only use nonrefundable tax credits to reduce taxes. This feature may reduce the relative value of tax credits to wind developers. As a result, policies to stimulate investment through nonrefundable tax credits may be less effective than awarding subsidies as grants. To quantify the trade-off between investment subsidies, I take advantage of a temporary program that allowed wind developers to choose between a production-based, nonrefundable tax credit and a cost-based grant. I exploit geographic variation in productivity across wind projects to estimate a model of subsidy choice and infer that wind developers valued a dollar of nonrefundable tax credits the same as $0.85 of a grant. I also find evidence consistent with nonrefundable tax credit subsidies favoring incumbents, which are more likely to owe taxes than new entrants.
机译：我研究风能投资以及将补贴作为不可退还的税收抵免而不是补助金的影响。企业只能使用不可退还的税收抵免来减少税收。此功能可能会减少对风电开发商的税收抵免的相对价值。结果，通过不可退还的税收抵免来刺激投资的政策可能不如授予补助金那样有效。为了量化投资补贴之间的权衡，我利用了一个临时计划，该计划允许风能开发商在基于生产的，不可退款的税收抵免和基于成本的补助金之间进行选择。我利用风能项目生产率的地域差异来估算补贴选择模型，并推断风能开发商对一美元不可退还的税收抵免的价值与赠款的0.85美元相同。我还发现证据与有利于在职者的不可退还的税收抵免补贴相符，后者比新进入者更有可能欠税。

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