FISCAL NOTE
|
FY 2012
|
FY 2013
|
FY 2014
|
NON-ADMINISTRATIVE
IMPACT
|
|
|
|
Anticipated Revenue
Increase (Decrease):
|
|
|
|
HIGHWAY FUND
|
1,293,750
|
1,293,750
|
1,293,750
|
COUNTIES
|
618,750
|
618,750
|
618,750
|
MUNICIPALITIES
|
337,500
|
337,500
|
337,500
|
ETHANOL TAX CREDIT
|
(2,250,000)
|
(2,250,000)
|
(2,250,000)
|
NET IMPACT
|
0
|
0
|
0
|
Source of Revenue Increase:
Decrease in the amount of ethanol
credits diverted from the Department of Transportation and local governments
from gasoline tax revenue to ethanol producers.
Assumptions:
- This bill decreases the
current amount of ethanol tax credits given to ethanol producers for the
production of ethanol in Wyoming from forty cents ($.40) per gallon to ten
cents ($.10) per gallon.
- An average of approximately
three million dollars in ethanol credits have been given to one ethanol
producer over the last two years. Thirty million eight hundred and thirty
two thousand eight hundred twenty dollars and eighty cents
($30,832,820.80) have been given over the life of the ethanol credit
program. Reducing the credit amount from forty cents ($.40) to ten cents
(.10) per gallon of ethanol will redirect an estimated two million two
hundred fifty thousand ($2,250,000) of the ethanol subsidy back to the
standard gasoline distribution formula. Fifty-Seven and one half of one
percent (57.5%) will go to the State Highway Fund, twenty seven and one
half of one percent (27.5%) will go to the counties and fifteen percent
(15%) will go to the municipalities.
- The language in this bill
does not change the total amount of ethanol credits made available to all
ethanol producers. Therefore, if more ethanol producers entered the
market in Wyoming, or more ethanol is produced by the existing producer
more ethanol credits could be paid up to the four million ($4,000,000)
statutory ethanol credit limit per year.
- The above estimates are
based strictly on ethanol being produced in Wyoming over the past two
years.
Source of Revenue Decrease:
A reduction in the ethanol
tax credit from forty cents ($.40) per gallon to ten cents ($.10) per gallon.
Prepared by: Matthew Sackett, LSO Phone:
777-7881
(Information provided by
Kevin Hibbard, Department of Transportation;
Phone: 777-4026)