Governor Perdue Introduces Biofuels Tax Credit
|Friday, January 26, 2007||
Contact: Office of Communications 404-651-7774
Atlanta, Ga. – Governor Sonny Perdue today introduced a bill that would give a sales tax exemption for materials and equipment used in the construction of biofuel facilities in Georgia. The bill will be sponsored in the State House by Representatives Jim Cole and Larry O'Neal. The four percent tax incentive will be available to facilities producing and processing certain biofuels (ethanol, biodiesel and butanol) derived from Georgia-grown agriculture products and biomass.
"The biofuels tax credit will help make Georgia a national leader for the development of home-grown alternative fuel sources," said Governor Sonny Perdue. "As a nation, it is vitally important that we decrease our dependence on foreign oil and Georgia will lead the way with innovative companies making use of products grown in our state."
Demand for biofuels is expected to increase due to a combination of factors, including the decision by U.S. refiners to replace MTBE, an oxygenate known to contaminate drinking water, with ethanol and the production and promotion of alternative fuel vehicles by major auto manufacturers such as Ford and General Motors. The biofuel tax incentive will help Georgia to be a leader in attracting companies in the biofuels industry.
"With the Governor's biofuel tax incentive Georgia grown products will create greater energy independence for our state and nation," said the Governor's floor leader State Representative Jim Cole.