Tom Warne Report, 26 March 2012
CHEYENNE – The governor of Wyoming signed legislation this week that eliminates the ethanol tax credit of 40 cents per gallon for the state’s single ethanol manufacturer, Wyoming Ethanol. The legislation takes effect July 1, 2015.
“I feel like the rug’s been pulled out from under me, frankly,” said Terry Oldfield, CEO of Renova Energy, the Boise-based company that owns Wyoming Ethanol. “I think the state of Wyoming gave up on their word on us.” The 1995 legislation subsidizing the ethanol company was supposed to last through 2021, based on the company’s commitment to expand operations in Torrington and use at least 25 percent Goshen County corn to make its product.“We lived up to our side of it,” Oldfield said.
Since the tax credit was implemented, Wyoming Ethanol has received $33 million, which came from road, county and city budgets across the state. A spokesman from the Wyoming Department of Transportation the agency lost $1.8 million per year as a result of the ethanol credit.