Xethanol Applauds Georgia Proposal for Biofuel Tax Exemption
Sept. 29, 2006 (Press Release) - Xethanol Corp. applauded Governor Sonny Perdue of Georgia for proposing a sales tax exemption for construction of biofuel facilities in Georgia.
"This tax incentive would be of great benefit to us as we continue our expansion in Georgia through our Coastal Xethanol partner," said Louis Bernstein, interim CEO of Xethanol.
Governor Perdue today proposed a four percent sales tax exemption for materials and equipment used in the construction of biofuel facilities in Georgia. This incentive would be available to facilities producing and processing certain biofuels such as ethanol, biodiesel and butanol that are derived from Georgia-grown agriculture products and biomass.
Xethanol, through its Coastal Xethanol LLC affiliate, has purchased a facility that was previously owned by Pfizer and is converting that facility to one that will produce ethanol. The company expects that production will commence some time in 2007 and that the facility will be fully operational either in late 2007 or early 2008.
Thomas Endres, senior vice president of pperations of Xethanol, said, "This facility will be completely Georgia-based. We plan to use locally-grown corn for the initial ethanol production and when our technology is ready we will transition from corn to biomass-based feedstocks that we expect to have supplied from local paper mills."
Xethanol currently produces ethanol from corn in Iowa. The company is expanding in both Georgia and North Carolina with the acquisition of existing facilities which it will retrofit for ethanol production, creating new jobs and opportunities in the areas.
SOURCE: Xethanol Corp.