Posted: Oct 28, 2009 6:05 AM
Updated: Oct 28, 2009 6:05 AM
BATON ROUGE, La. (AP) Dynamic Fuels, the $150 million alternative fuel project under construction in Geismar, will get a special $30 million tax break in a deal approved by a state board.
The Board of Commerce and Industry approved the deal on Tuesday after a presentation by company officials for Syntroleum Corp. and Tyson Foods Inc., who are partners in the 75 million gallon-per-year refinery that will convert animal waste products into diesel and jet fuel.
The tax equalization agreement gives Dynamic Fuels LLC the same tax treatment it would have received in Texas City, Texas, had it located there instead of Ascension Parish.
After the meeting, Syntroleum executive Jeff Bigger said not getting the same treatment on income and sales taxes in Louisiana would have been a "deal-killer" and the project would have gone to Texas.
Information from: The Advocate, http://www.2theadvocate.com