Table B1. Implications of Eliminating the Ethanol Tax Subsidy in 1997 on the Economic Viability of Representative Feed Grain
Farms in Iowa and Missouri.
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BASE ETHANOL BASE ETHANOL BASE ETHANOL BASE ETHANOL BASE ETHANOL
IAG950 IAG950 IAG2200 IAG2200 MOCG1500 MOCG1500 MOCG3000 MOCG3000 MONG1200 MONG1200
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Change in Real Net Worth
1997-2002 (%) 18.67 14.75 35.33 31.12 29.41 26.01 34.51 31.09 7.36 4.48
Government Payments/Receipts (%)
1997-2002 Average 6.79 7.47 8.38 9.07 6.78 7.32 6.95 7.48 2.77 3.06
Expenses to Receipts (%)
1997-2002 Average 65.90 67.65 59.81 61.30 52.92 54.22 52.71 53.99 81.73 82.77
Average Cash Receipts ($1000)
1996 320.05 320.05 573.52 573.52 381.49 381.49 840.87 840.87 453.97 453.97
1997 291.04 286.81 523.61 516.20 366.74 361.83 774.73 764.60 446.16 444.68
1998 293.83 289.28 531.44 523.48 368.03 362.82 795.60 783.45 429.39 426.58
1999 298.95 292.08 540.15 528.12 380.75 372.79 817.10 798.59 429.60 424.61
2000 307.84 300.02 554.93 541.24 388.32 379.49 821.10 801.23 450.69 444.08
2001 313.98 304.03 563.88 546.44 416.00 403.02 839.48 814.72 469.58 461.41
2002 321.70 310.88 577.19 558.24 433.20 418.84 864.38 837.24 458.04 449.65
1997-2002 Average 304.56 297.18 548.53 535.62 392.17 383.13 818.73 799.97 447.25 441.83
Average Government Payments ($1000)
1996 11.44 11.44 27.45 27.45 11.18 11.18 24.97 24.97 6.55 6.55
1997 17.22 18.31 38.46 40.37 20.75 21.73 44.94 46.97 10.51 11.30
1998 24.80 26.45 54.56 57.46 27.76 29.49 58.49 62.25 15.50 16.73
1999 23.51 25.74 51.99 55.89 25.81 28.17 53.92 59.10 14.77 16.46
2000 20.56 22.98 45.90 50.13 23.74 26.34 49.57 54.88 12.72 14.51
2001 15.22 16.24 34.68 36.48 18.19 19.43 38.41 40.81 9.21 9.95
2002 13.64 14.15 31.62 32.50 17.35 17.81 36.45 37.32 8.15 8.51
1997-2002 Average 19.16 20.65 42.87 45.47 22.27 23.83 46.96 50.22 11.81 12.91
Average Net Cash Income ($1000)
1996 129.61 129.61 252.90 252.90 194.57 194.57 434.41 434.41 107.59 107.59
1997 101.23 97.00 209.16 201.75 172.80 167.89 381.35 371.21 98.54 96.99
1998 105.80 101.07 221.48 213.25 178.68 173.28 395.64 383.17 82.44 79.41
1999 111.82 104.58 233.61 221.01 194.44 186.15 419.22 399.95 76.04 70.93
2000 119.36 110.77 244.74 229.99 204.14 194.55 425.62 404.14 91.57 84.56
2001 122.75 111.70 251.07 232.14 217.11 203.03 446.95 420.17 99.96 91.04
2002 127.81 115.35 265.61 244.90 233.77 217.71 471.77 442.43 83.85 73.99
1997-2002 Average 114.79 106.74 237.61 223.84 200.16 190.44 423.43 403.51 88.73 82.82
Average Cash Reserve ($1000)
1996 43.83 43.83 97.03 97.03 62.45 62.45 164.07 164.07 20.90 20.90
1997 49.98 47.23 144.90 140.66 93.42 90.79 278.62 274.29 32.27 31.32
1998 58.12 52.75 194.30 186.23 117.88 113.52 351.99 346.26 25.38 22.40
1999 68.69 59.40 253.90 242.71 150.72 145.70 398.66 393.23 21.05 14.68
2000 78.32 64.97 286.51 273.66 172.50 167.54 436.96 427.91 28.08 17.14
2001 92.04 74.16 321.92 305.62 191.64 185.21 498.70 479.05 17.54 0.79
2002 97.66 74.61 358.18 339.43 209.34 199.48 578.75 544.18 -1.75 -25.26
1997-2002 Average 74.14 62.19 259.95 248.05 155.91 150.37 423.95 410.82 20.43 10.18
Average Total Debt ($1000)
1996 264.31 264.31 293.79 293.79 381.39 381.39 593.47 593.47 280.92 280.92
1997 249.38 249.67 280.62 280.69 350.02 350.49 571.12 572.59 296.18 296.11
1998 214.63 215.20 227.74 228.21 295.32 296.89 501.87 508.20 306.31 306.89
1999 209.62 211.15 260.63 264.13 257.25 262.62 414.69 431.02 303.16 305.21
2000 217.26 220.08 244.91 254.31 277.23 287.65 290.40 313.35 344.60 348.50
2001 228.67 234.21 175.38 190.94 241.66 258.20 194.57 220.18 329.09 336.63
2002 201.14 209.37 145.69 169.19 171.35 192.62 123.56 148.51 354.33 367.73
1997-2002 Average 220.12 223.28 222.50 231.24 265.47 274.75 349.37 365.64 322.28 326.85
Average Nominal Net Worth ($1000)
1996 925.71 925.71 1149.46 1149.46 1370.84 1370.84 2677.28 2677.28 1271.93 1271.93
1997 990.42 987.67 1264.43 1260.19 1490.90 1487.95 2949.56 2943.88 1347.73 1346.90
1998 1065.02 1058.85 1390.86 1381.71 1618.90 1611.91 3221.19 3206.78 1409.70 1405.33
1999 1139.58 1127.85 1503.02 1486.12 1762.62 1748.85 3521.86 3493.17 1482.75 1472.53
2000 1196.54 1176.95 1615.74 1588.29 1865.80 1842.06 3776.34 3727.23 1542.99 1523.81
2001 1244.63 1214.29 1731.54 1690.14 1979.10 1940.77 4021.84 3945.35 1604.79 1574.48
2002 1292.86 1250.17 1830.83 1773.86 2087.82 2032.98 4238.44 4130.72 1607.08 1564.03
1997-2002 Average 1154.84 1135.96 1556.07 1530.05 1800.86 1777.42 3621.54 3574.52 1499.17 1481.18
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