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Apr 20, 2010

U.S. Senate Legislation Introduced to Extend Expiring Ethanol Tax Credits to 2015

In the U.S. Senate, Senators Kent Conrad (D-MT) and Charles Grassley (R-IA) introduced legislation to "to strengthen America’s energy independence and create jobs through the production of domestically produced biofuels."  The bill is entitled "Grow Renewable Energy from Ethanol Naturally Jobs Act of 2010," with a short title of "The GREEN Jobs Act of 2010."  It proposes extending the Volumetric Ethanol Excise Tax Credit (VEETC), Small Ethanol Producers Tax Credit, and the Cellulosic Ethanol Production Tax Credit through 2015.

In press releases issued by both Senators they note their interest in this legislation as "longtime advocates for tax incentives for biofuels such as ethanol and biodiesel." Conrad is a senior member of the Finance Committee and Chairman of the Senate Budget Committee. Grassley is Ranking Member of the tax-writing Finance Committee and a senior member of the Budget Committee.

Senator Conrad states in his press release that,  "Our country is in serious danger because of skyrocketing energy costs. This growing crisis demands urgent action. We must be committed to coming together in a bipartisan way to lessen our dependence on foreign oil, while aggressively pursuing alternative sources of energy such as biofuels. Extending these tax credits is a step in the right direction."

Senator Grassley adds in his press release that the "extension of these policies is the right thing to do because biofuels offer an alternative to foreign oil and generate economic activity in the United States. Today, ethanol comprises nearly 10 percent of the U.S. fuel supply. Ethanol produced in the Midwest replaces oil from Saudi Arabia, Venezuela and Nigeria. Ethanol is good for rural economies, and a recent study found that the failure to extend the VEETC credit and the secondary tariff would result in the loss of 112,000 jobs nationwide and reduce ethanol production by nearly 40 percent. Iowa would lose the most jobs at nearly 30,000."

This is a companion bill to H.R. 4940, "Renewable Fuels Reinvestment Act," introduced in the U.S. House of Representatives by Congressmen Earl Pomeroy, D-N.D., and John Shimkus, R-Ill.. 

Photo Credit: Boardman Associates.

For more the Senators press releases see:

U.S. Senator Kent Conrad, "Conrad, Grassley Work to Extend Ethanol Tax Incentives; Lawmakers Team Up on Proposal to Build Energy Security and Create Jobs," Press Release, Washington, D.C., 20 April 2010.

U.S. Senator Chuck Grassley, "Grassley, Conrad work to extend ethanol tax incentives to build energy security and create jobs," Press Release, Washington, D.C., 20 April 2010.

For the legislation text see:

U.S. House of Representatives, "Renewable Fuels Reinvestment Act," H.R. 4940.

 U.S. Senate, "Grow Renewable Energy from Ethanol Naturally (GREEN) Jobs Act of 2010," S.R. 3231

About Margaret

CEO and Curator (The Food Museum) | Managing Director and Chief Editor (GR2 Global LLC) | Educator (UCLA PhD) | Researching and writing on global food issues, nutrition and health, sustainability, history (preservation), conservation (natural resources), and design.
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