COLUMBUS – Ohio lawmakers have approved legislation that would encourage farmers to invest in a “new age” ethanol production cooperative.
The Ohio House approved Senate Bill 144, sponsored by Sen. Larry Mumper, Feb. 26 by a 93-2 vote. It was approved by the Senate Jan. 16.
The bill allows nonrefundable tax credits up to 50 percent of the amount invested, with a maximum of $5,000 per investor. The bill would also make an ethanol plant eligible for tax abatements under the existing Air Quality Development Authority, and would establish an Ethanol Incentive Review Board.
Ohio currently purchases more than 200 million gallons of ethanol a year from other states because there is not an ethanol production plant in Ohio.
Ohio Gov. Bob Taft has expressed support of S.B. 144 and is likely to sign the bill.
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