Source: Nebraska Ethanol Board
How much money did you send to Uncle Sam today? Chances are it was more than Exxon Mobil. According to Forbes Magazine, the oil giant didn’t pay a single dime in corporate income tax to the U.S. government in 2009.
To be fair, Exxon Mobil did pay corporate income tax; just none of it went to the U.S. government. Thanks to an elaborate scheme involving 20 subsidiaries based in off-shore tax shelters like the Bahamas and Cayman Islands, Exxon Mobil paid no U.S. corporate income tax on their 2008 profits of $45.22 billion.
Ethanol, however, continues to generate revenues for federal, state and local governments while creating thousands of outsource-proof jobs, at ethanol plants and in related industries. Omaha-based Union Pacific Rail Road was the transportation mode of choice for many Nebraska ethanol producers shipping ethanol to West Coast markets. The ethanol industry continues to create business for Nebraska companies and jobs for Nebraskans.
According to the Nebraska Public Power District, the ethanol industry has generated over $63.3 million in new tax revenues in Nebraska alone, while adding $2.13 million in household income and creating over 3,000 jobs. Another study found that in 2008, the ethanol industry generated $11.9 billion in federal tax revenues.
Todd Sneller, administrator of the Nebraska Ethanol Board, said one new ethanol plant can provide millions in tax revenue.
“Ethanol plants pay taxes that benefit Nebraskans,” Sneller said. “Ethanol is the rural development success story of Nebraska. It’s a win for drivers, farmers, and government. On April 15 it is especially important to recognize industries that make important contributions to our economy. As consumers make a fuel choice at the pump we encourage the ethanol option.”
