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Ethanol Firm Gets Tax Break
By Mr Ethanol | December 7, 2007
San Jose Mercury News:
The largest ethanol marketing and production company in California secured state-approved financing Wednesday that will provide up to $11.5 million in savings made possible from the sale of tax-exempt bonds.
The savings will be passed on in the form of a low-interest loan to Pacific Ethanol, founded by former Secretary of State Bill Jones.
Officials representing the California Debt Limit Allocation Committee, which approved the funding, previously said the tax breaks would be passed directly to Pacific Ethanol.
“We will realize a savings, but we will pay taxes and also bring valuable business to the state, which is what the financing is meant to do,” said Tom Koehler, a Pacific Ethanol vice president.
A spokesman for the state Treasurer’s Office, which oversees the committee, defended its previous characterization of the tax breaks.
Illustration:David Simonds.
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