NetworkNewsBreaks – Petroteq Energy Inc. (TSX.V:
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Posted On: 07/18/2018 5:24:37 PM
NetworkNewsBreaks – Petroteq Energy Inc. (TSX.V: PQE) (OTCQX: PQEFF) Applies for Tax Credit Initiative
Fully integrated oil and gas company Petroteq Energy (TSX.V: PQE) (OTCQX: PQEFF) today announced that it has applied to the Alternative Energy Development Initiative (“AEDI”). As part of Utah’s Energy Action Plan, the AEDI is intended to surge the growth of jobs and state revenues in the Utah energy market. A major incentive of the initiative is a 75% tax reduction of new revenues including corporate, sales, and withholding taxes for 20 years or the life of the project, whichever is less. “We have known Utah to be extremely collaborative and committed to its ‘energy action plan’ and this is just more positive evidence in support of that,” Petroteq CEO David Sealock stated in the news release. “We have spent millions on developing our project, and we will look for opportunities to strategically achieve targeted projects for our technology to spend many millions more in business development, rural job creation and workforce development in the energy mining sector as we expand our footprint in what we believe will become the fastest growing energy market in the US. This tax benefit will allow us to generate even more cash that will be directly be redeployed here in Utah to grow our Company and will provide opportunities for jobs and economic development in Utah. The Governor’s ten-year Strategic Energy Plan and State Energy Policy program will deliver tangible results for Utah.”
Please see full disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
Fully integrated oil and gas company Petroteq Energy (TSX.V: PQE) (OTCQX: PQEFF) today announced that it has applied to the Alternative Energy Development Initiative (“AEDI”). As part of Utah’s Energy Action Plan, the AEDI is intended to surge the growth of jobs and state revenues in the Utah energy market. A major incentive of the initiative is a 75% tax reduction of new revenues including corporate, sales, and withholding taxes for 20 years or the life of the project, whichever is less. “We have known Utah to be extremely collaborative and committed to its ‘energy action plan’ and this is just more positive evidence in support of that,” Petroteq CEO David Sealock stated in the news release. “We have spent millions on developing our project, and we will look for opportunities to strategically achieve targeted projects for our technology to spend many millions more in business development, rural job creation and workforce development in the energy mining sector as we expand our footprint in what we believe will become the fastest growing energy market in the US. This tax benefit will allow us to generate even more cash that will be directly be redeployed here in Utah to grow our Company and will provide opportunities for jobs and economic development in Utah. The Governor’s ten-year Strategic Energy Plan and State Energy Policy program will deliver tangible results for Utah.”
Please see full disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
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