LaRive,
Thank you so much...I'm just sorry that I got the Feds and the State of Alabama mixed up. I've just been doing so much reading on all of the tax credits that the Feds are coming up with for biofuels, that I was thinking that it was them who was giving the $40 million to PHGI.
Good thing I found out the error before the State of Alabama sent someone to "get" me. :)
But at least I got the $40 million dollar recoup on the investment correct. It's in the press release which states that additional financial incentives given to PHGI.
And the abatement on the property taxes will last for 10 years, excluding funds earmarked for public education.
One thing is for sure....I was impressed when I thought that it was the Feds giving the $40 million back in credits, but I am REALLY impressed when I realized that it was the state of Alabama instead. I mean, I don't think of Alabama as being one of the wealthier states and for them to give a financial incentive like that must mean that they REALLY want this refinery.
And lastly, just to be completely specific....it's not just the State of Alabama giving the tax incentives, but the City of Opp, and Covington County Alabama as well.
