Senate Passes Bill Extending Key Ethanol Tax Incentives
December 15, 2010
Washington – Following Senate passage of the compromise tax package that included a one-year extension of important tax incentives for ethanol production and use, Renewable Fuels Association (RFA) CEO and President Bob Dinneen issued the following statement:
“The Senate appropriately recognized the economic value of domestic ethanol production. Extending these key incentives for American ethanol production and use will help save American jobs and provide the market stability allowing the industry to continue to grow. Members of the RFA greatly appreciate the work of ethanol advocates, led by Sen. Charles Grassley and the Obama Administration, to ensure these important job-creating provisions were included. We strongly urge the House to take up the measure as soon as is possible and to pass it before adjourning for the year.
“Members of the RFA have remained steadfast in their commitment to extending these incentives that allow domestic ethanol producers to compete with well-heeled and heavily subsidized providers of oil. Extending VEETC and other tax incentives would provide the breathing room necessary to fully vet all the ideas on responsible reform of ethanol tax policy, including ideas on how to accelerate commercialization of advanced and cellulosic ethanol technologies. It also would allow for a thorough conversation on all energy subsidies, including those for fossil fuels.”
The RFA remains optimistic the House will pass the bill and extend VEETC and other important renewable fuel tax credits.