Lawmakers to Introduce Extension of Ethanol Tax Incentives
Representatives Earl Pomeroy (D-ND) and John Shimkus (R-IL) have called a press conference today to introduce the Renewable Fuels Reinvestment Act (RFRA). The bill would extend the $0.45 Volumetric Ethanol Excise Tax Credit (VEETC), commonly called the blenders’ credit, and the secondary tariff on imported ethanol, as well as the Small Producers Tax Credit and the Cellulosic Ethanol Production Tax Credit.
The two lawmakers circulated a letter this week to their colleagues seeking co-sponsors. “Our legislation will provide meaningful long-term extensions of these tax credits, giving the industry the certainty it needs to maintain current production and continue to invest and develop the next generation of biofuels,” they wrote.
Representatives from the ethanol industry, including both the Renewable Fuels Association and Growth Energy, will also be participating in the press conference, scheduled for 1:30 pm Eastern time today.
1 Comment »
Chip Daigle
This is horrible news for America. We need to be moving away from Corn Ethanol. Corn Ethanol should be be getting no more than 25 cents per gallon credit. Because of its whopping 85% Carbon Reduction, Sugarcane Ethanol should be getting 75 Cents/Gallon to kick start it in America. Depending on the amount of Carbon Reduction, Ethanol from Sweet Sorghum, Energy Cane and Sugar beets should get something in between. If Cellulosic and Ethanol from Algae ever gets going, then they should get the credit depending on the Carbon reduction. This is nothing but a payoff to Big Dirty Corn and Dirty Coal.
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