California Ethanol & Power wins $10 million tax credit

By California Ethanol & Power LLC | April 18, 2019

On April 17, California Ethanol & Power LLC (CE&P) announced that it was awarded a $10 million income tax credit as part of the California Governor’s Office of Business and Economic Development (GO-Biz) California Competes program.

“CE&P is extremely pleased about our award which demonstrates confidence by the state of California in our ability to assist with their goal of stimulating economic development,” said CE&P President and CEO David Rubenstein. “We are honored to be selected as one the companies from a highly competitive pool of applicants by the California Competes Tax Credit Committee (CCTC)." In this round, the CCTC approved $70 million in tax credits for 35 companies projected to create 4,221 jobs and generate $1 billion worth of new investments across California.

The California Competes program is designed to encourage businesses to expand or relocate their business in California to generate new jobs and stimulate economic development. GO-Biz evaluated the most competitive applications based on 12 factors required by statute, including total jobs created, total investment, average wage, strategic importance, economic impact and more.

“We appreciate that the state recognizes our commitment to infusing thousands of sustainable jobs in a community that experiences some of the highest unemployment rates and lowest economic health ratings in the United States,” said Rubenstein. “We are eager to establish our company as a positive and reliable contributor of economic growth with year-round agricultural and technical green jobs.”

“CE&P will produce much needed ultra-low carbon energy to contribute to California's goals of reducing greenhouse gas emissions,” said Rubenstein. “The renewable energy industry is gaining permanence and will provide the stability this region needs to benefit economically. Our investment in the community will not only benefit the region but all of California,” he added.