At a co-generation plant in Clinton, Iowa, Archer Daniels Midland (NYSE: ADM) won't have to pay double taxation, as they were originally slated to before specific legislation was introduced to deal with the issue.
What Archer Daniels Midland will be able to do under the new bill will be to use a tax credit in relationship to it utility replacement tax and place it against their local property taxes, effectively eliminating double taxation.
The self generator status which would usually eliminate the problem didn't apply to ADM because it sells electricity; the reason the bill had to be written.
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