Table 2. Implications of Eliminating the Ethanol Tax Subsidy in 1997 on the Economic Viability of Representative Feed Grain Farms in Iowa, Missouri, and Nebraska. _________________________________________________________________________________________________ IAG950 IAG2200 MOCG1500 MOCG3000 MONG1200 NEG800 NEG1575 _________________________________________________________________________________________________ Change in Real Net Worth 1997-2002 (%) Baseline 18.67 35.33 29.41 34.51 7.36 -2.16 13.59 Ethanol Tax Scenario 14.75 31.12 26.01 31.09 4.48 -8.56 8.34 Change -3.92 -4.21 -3.40 -3.42 -2.88 -6.40 -5.25 Average Cash Receipts 1997-2002 ($1,000) Baseline 304.56 548.53 392.17 818.73 447.25 375.42 758.93 Ethanol Tax Scenario 297.18 535.62 383.13 799.97 441.83 362.98 732.91 Change -7.38 -12.91 -9.04 -18.76 -5.42 -12.44 -26.02 % Change -2.42% -2.35% -2.31% -2.29% -1.21% -3.31% -3.43% Average Cash Expenses 1997-2002 ($1,000) Baseline 189.76 310.92 192.02 395.31 358.51 316.94 577.41 Ethanol Tax Scenario 190.44 311.78 192.70 396.46 359.01 319.57 579.91 Change 0.68 0.86 0.68 1.15 0.50 2.63 2.50 % Change 0.36% 0.28% 0.35% 0.29% 0.14% 0.83% 0.43% Average Net Cash Income 1997-2002 ($1,000) Baseline 114.79 237.61 200.16 423.43 88.73 58.47 181.52 Ethanol Tax Scenario 106.74 223.84 190.44 403.51 82.82 43.41 153.00 Change -8.05 -13.77 -9.72 -19.92 -5.91 -15.06 -28.52 % Change -7.01% -5.80% -4.86% -4.70% -6.66% -25.76% -15.71% _________________________________________________________________________________________________ (Continued) Implications of Eliminating the Ethanol Tax Subsidy in 1997 on the Economic Viability of Representative Feed Grain Farms in Texas, Kansas, and South Carolina. _________________________________________________________________________________________________ TXNP1600 TXNP5500 KSG728 KSG1652 SCG1500 SCG3500 _________________________________________________________________________________________________ Change in Real Net Worth 1997-2002 (%) Baseline 31.07 47.99 -35.32 -19.28 31.93 50.69 Ethanol Tax Scenario 23.98 41.70 -47.61 -26.29 26.98 47.24 Change -7.09 -6.29 -12.29 -7.01 -4.95 -3.45 Average Cash Receipts 1997-2002 ($1,000) Baseline 355.73 1326.33 207.90 336.68 576.16 1535.01 Ethanol Tax Scenario 346.65 1289.28 200.70 325.69 566.46 1514.72 Change -9.08 -37.05 -7.20 -10.99 -9.70 -20.29 % Change -2.55% -2.79% -3.46% -3.26% -1.68% -1.32% Average Cash Expenses 1997-2002 ($1,000) Baseline 242.23 835.07 182.04 276.64 414.56 932.81 Ethanol Tax Scenario 243.09 836.95 183.74 278.61 415.04 933.76 Change 0.86 1.88 1.70 1.97 0.48 0.95 % Change 0.36% 0.23% 0.93% 0.71% 0.12% 0.10% Average Net Cash Income 1997-2002 ($1,000) Baseline 113.50 491.26 25.86 60.05 161.60 602.20 Ethanol Tax Scenario 103.56 452.33 16.96 47.07 151.43 580.96 Change -9.94 -38.93 -8.90 -12.98 -10.17 -21.24 % Change -8.76% -7.92% -34.42% -21.62% -6.29% -3.53% _________________________________________________________________________________________________