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  • VEETC Ethanol Tariff Extension by Earl Pomeroy

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    SugarcaneBlog
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    Dear Colleague: Please join us as a cosponsor of the Renewable Fuels Reinvestment Act. This legislation will extend the current Volumetric Ethanol Excise Tax Credit (VEETC) and the Small Ethanol Producers Tax Credit for five years. In addition, it will extend the Cellulosic Ethanol Production Tax Credit for three years until 2016. These credits provide the vital incentives that have enabled America’s ethanol industry to support nearly 400,000 jobs in all sectors of the economy. A recent study warned that if the VEETC credit is allowed to expire at the end of this year it would cost 112,000 jobs and reduce domestic ethanol production by 38 percent. This loss of production would be made up for with imported fuels. The VEETC and small producer’s credit are scheduled to expire at the end of 2010 and the cellulosic production credit is scheduled to expire at the end of 2012. 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. The fact of the matter is these incentives work. In 2009 alone, the increased tax revenue generated by American ethanol production returned $8.4 billion to the federal Treasury, $3.4 billion more than the cost of VEETC. This doesn’t include the billions of dollars generated in state and local economies all across the country. Congress must act to extend these critical incentives as soon as possible to ensure that crucial jobs, domestic energy production and economic activity are not lost. Should you have any questions or to become a cosponsor please contact Dustin Olson (Dustin.Olson@Mail.House.gov) in Congressman Pomeroy’s Office or Ryan Tracy (Ryan.Tracy@Mail.House.Gov) in Congressman Shimkus’s office. Sincerely Earl Pomeroy John Shimkus Member of Congress Member of Congress

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    Dear Colleague: Please join us as a cosponsor of the Renewable Fuels Reinvestment Act. This legislation will extend the current Volumetric Ethanol Excise Tax Credit (VEETC) and the Small Ethanol Producers Tax Credit for five years. In addition, it will extend the Cellulosic Ethanol Production Tax Credit for three years until 2016. These credits provide the vital incentives that have enabled America’s ethanol industry to support nearly 400,000 jobs in all sectors of the economy. A recent study warned that if the VEETC credit is allowed to expire at the end of this year it would cost 112,000 jobs and reduce domestic ethanol production by 38 percent. This loss of production would be made up for with imported fuels. The VEETC and small producer’s credit are scheduled to expire at the end of 2010 and the cellulosic production credit is scheduled to expire at the end of 2012. 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. The fact of the matter is these incentives work. In 2009 alone, the increased tax revenue generated by American ethanol production returned $8.4 billion to the federal Treasury, $3.4 billion more than the cost of VEETC. This doesn’t include the billions of dollars generated in state and local economies all across the country. Congress must act to extend these critical incentives as soon as possible to ensure that crucial jobs, domestic energy production and economic activity are not lost. Should you have any questions or to become a cosponsor please contact Dustin Olson (Dustin.Olson@Mail.House.gov) in Congressman Pomeroy’s Office or Ryan Tracy (Ryan.Tracy@Mail.House.Gov) in Congressman Shimkus’s office. Sincerely Earl Pomeroy John Shimkus Member of Congress Member of Congress

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    315 visualizzazioni3 pagine

    VEETC Ethanol Tariff Extension by Earl Pomeroy

    Caricato da

    SugarcaneBlog
    Dear Colleague: Please join us as a cosponsor of the Renewable Fuels Reinvestment Act. This legislation will extend the current Volumetric Ethanol Excise Tax Credit (VEETC) and the Small Ethanol Producers Tax Credit for five years. In addition, it will extend the Cellulosic Ethanol Production Tax Credit for three years until 2016. These credits provide the vital incentives that have enabled America’s ethanol industry to support nearly 400,000 jobs in all sectors of the economy. A recent study warned that if the VEETC credit is allowed to expire at the end of this year it would cost 112,000 jobs and reduce domestic ethanol production by 38 percent. This loss of production would be made up for with imported fuels. The VEETC and small producer’s credit are scheduled to expire at the end of 2010 and the cellulosic production credit is scheduled to expire at the end of 2012. 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. The fact of the matter is these incentives work. In 2009 alone, the increased tax revenue generated by American ethanol production returned $8.4 billion to the federal Treasury, $3.4 billion more than the cost of VEETC. This doesn’t include the billions of dollars generated in state and local economies all across the country. Congress must act to extend these critical incentives as soon as possible to ensure that crucial jobs, domestic energy production and economic activity are not lost. Should you have any questions or to become a cosponsor please contact Dustin Olson (Dustin.Olson@Mail.House.gov) in Congressman Pomeroy’s Office or Ryan Tracy (Ryan.Tracy@Mail.House.Gov) in Congressman Shimkus’s office. Sincerely Earl Pomeroy John Shimkus Member of Congress Member of Congress

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    F:\M11\POMERO\POMERO_047.

    XML

    .....................................................................
    (Original Signature of Member)

    H. R. ll
    111TH CONGRESS
    2D SESSION

    To amend the Internal Revenue Code of 1986 to extend certain tax incentives
    for alcohol used as fuel and to amend the Harmonized Tariff Schedule
    of the United States to extend additional duties on ethanol.

    IN THE HOUSE OF REPRESENTATIVES

    Mr. POMEROY introduced the following bill; which was referred to the
    Committee on llllllllllllll

    A BILL
    To amend the Internal Revenue Code of 1986 to extend
    certain tax incentives for alcohol used as fuel and to
    amend the Harmonized Tariff Schedule of the United
    States to extend additional duties on ethanol.

    1 Be it enacted by the Senate and House of Representa-


    2 tives of the United States of America in Congress assembled,
    3 SECTION 1. EXTENSION OF INCOME TAX CREDIT FOR AL-

    4 COHOL USED AS FUEL.

    5 (a) IN GENERAL.—Paragraph (1) of section 40(e) of


    6 the Internal Revenue Code of 1986 is amended—

    f:\VHLC\031510\031510.085.xml (460850|6)
    March 15, 2010 (12:49 p.m.)
    VerDate Nov 24 2008 12:49 Mar 15, 2010 Jkt 000000 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 C:\TEMP\POMERO_047.XML HOLCPC
    F:\M11\POMERO\POMERO_047.XML

    2
    1 (1) by striking ‘‘December 31, 2010’’ in sub-
    2 paragraph (A) and inserting ‘‘December 31, 2015’’,
    3 and
    4 (2) by striking ‘‘January 1, 2011’’ in subpara-
    5 graph (B) and inserting ‘‘January 1, 2016’’.
    6 (b) CELLULOSIC BIOFUEL.—Subparagraph (H) of
    7 section 40(b)(6) of such Code is amended by striking
    8 ‘‘January 1, 2013’’ and inserting ‘‘January 1, 2016’’.
    9 (c) REDUCED AMOUNT FOR ETHANOL BLENDERS.—
    10 Paragraph (2) of section 40(h) of such Code is amended
    11 by striking ‘‘2010’’ and inserting ‘‘2015’’.
    12 (d) EFFECTIVE DATE.—The amendments made by
    13 this section shall take effect on the date of the enactment
    14 of this Act.
    15 SEC. 2. EXTENSION OF EXCISE TAX CREDIT FOR ALCOHOL

    16 USED AS FUEL.

    17 (a) IN GENERAL.—Paragraph (6) of section 6426(b)


    18 of the Internal Revenue Code of 1986 is amended by strik-
    19 ing ‘‘December 31, 2010’’ and inserting ‘‘December 31,
    20 2015’’.
    21 (b) EFFECTIVE DATE.—The amendment made by
    22 this section shall take effect on the date of the enactment
    23 of this Act.

    f:\VHLC\031510\031510.085.xml (460850|6)
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    F:\M11\POMERO\POMERO_047.XML

    3
    1 SEC. 3. EXTENSION OF ADDITIONAL DUTIES ON ETHANOL.

    2 Headings 9901.00.50 and 9901.00.52 of the Har-


    3 monized Tariff Schedule of the United States are each
    4 amended in the effective period column by striking ‘‘1/1/
    5 2011’’ and inserting ‘‘1/1/2016’’.

    f:\VHLC\031510\031510.085.xml (460850|6)
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