California Ethanol & Power granted four-year state sales and use tax exclusion extension

December 3, 2019 |

In California, California Ethanol & Power, LLC was recently granted by unanimous vote a four-year extension for a sales and use tax exclusion (STE) by the Board of the California Alternative Energy and Advanced Transportation Financing Authority (CAEATFA). The Board is composed of the State Controller, Director of Finance, Chair of the Energy Commission, and President of the Public Utilities Commission and lead by the State Treasurer.

In 2013, California Ethanol & Power, LLC (CE+P) was first awarded a sales and tax exclusion of $37,230,704 for the purchase of up to $444,811,275 in Qualified Property to construct a facility that converts sugarcane into low-carbon, fuel-grade ethanol, bio-methane, and electricity.

CE+P has had considerable support, including the California Governor’s Office of Business and Economic Development (“GO-Biz”), which granted the company a $10 million income tax credit in 2019, one of their most significant awards. The program is designed to encourage the expansion of businesses and to create jobs in California. CE+P has also received a $2.5 million grant from the Imperial Irrigation District (“IID”), and a $750,000 low-interest loan from Imperial County. The CAEATFA sales and use tax extension will help CE+P accelerate reaching financial close and a much anticipated ground-breaking,” stated Rubenstein.

Print Friendly, PDF & Email

Tags: , ,

Category: Producer News

Thank you for visting the Digest.