Following in the steps of their colleagues on the House-side of Capitol Hill, this week Senators Kent Conrad (MT) and Charles Grassley (IA) introduced legislation to extend Volumetric Ethanol Excise Tax Credit (VEETC) and the Small Ethanol Producers Tax Credit for five years, through 2015. The bill is called the Grow Renewable Energy from Ethanol Naturally (GREEN) Jobs Act of 2010 (S. 3231).When discussing the bill the senators stressed it would save jobs while reducing foreign oil dependence. Luke Geiver quotes Conrad as stating, “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,”' in Biomass Magazine online.
In addition to the tax credits, the bill also extends the Cellulosic Ethanol Production Tax Credit for three years, taking it through 2015, and the legislation extends the "secondary tariff on ethanol that offsets the benefit received by imported ethanol," reports the American Farm Bureau Federation.
To read the Biomass Magazine article, click here.
To read the American Farm Bureau Press Release click here.
To read the Southwest Farm Press story on the legislation, click here.
To read the legislation click here.
For more, in depth, information on renewable energy law, click here to visit the National Agricultural Law Center's Renewable Energy Reading Room.
Posted: 04/23/10
