logo
  Join        Login             Stock Quote

Refinery tax breaks could cut school funds

Tuesday, December 13, 2011 1:52 AM


AUSTIN, Texas, Dec. 13 (UPI) -- TTexas lawmakers, environmentalists and educators say they're worried tax breaks for refineries could reduce school funding by tens of millions of dollars.

The Fort Worth Star-Telegram reports Valero Energy Corp. has become the first of what could be many companies requesting tax exemptions for installing sulfur-removing devices known as "hydrotreaters" at refineries in the state.

The Texas Commission on Environmental Quality spokesman Terry Clawson said 10 tax-exemption requests from Valero and 11 from other firms are pending.

The commission's staff initially rejected Valero's request, finding hydrotreaters did not cut pollution at refineries, but as consumers use fuel from the refineries. However, the rejection wasn't based on that conclusion, leading critics to claim the energy industry's influence could have been a factor.

"With Texas schools already facing cuts of more than $5 billion over the next two years, we cannot afford to allow political maneuvering to bleed even more resources from our children's classrooms," said state Sen. Wendy Davis, a Democrat.

The commission has asked the staff to review the exemptions but Clawson could not say Friday when a final decision might come, the Star-Telegram said.

Bill Klesse, Valero chairman and chief executive officer, has said even with the exemption, Valero would still be one of the biggest taxpayers, or the biggest taxpayer, in all the areas where it has refineries.

School officials say the tax would hit hardest in school districts where refineries are located.

(Source: UPI )
(Source: Quotemedia)

Advertisement
Advertisement



Fundamental data is provided by Zacks Investment Research, and Commentary, news and Press Releases provided by YellowBrix and Quotemedia.
All information provided "as is" for informational purposes only, not intended for trading purposes or advice. iStockAnalyst.com is not an investment adviser and does not provide, endorse or review any information or data contained herein.
The blog articles are opinions by respective blogger. By using this site you are agreeing to terms and conditions posted on respective bloggers' website.
The postings/comments on the site may or may not be from reliable sources. Neither iStockAnalyst nor any of its independent providers is liable for any informational errors, incompleteness, or delays, or for any actions taken in reliance on information contained herein. You are solely responsible for the investment decisions made by you and the consequences resulting therefrom. By accessing the iStockAnalyst.com site, you agree not to redistribute the information found therein.
The sector scan is based on 15-30 minutes delayed data. The Pattern scan is based on EOD data.