U.S. Lawmakers Vote to Repeal Ethanol Tax Subsides
9:30 AM MDT | June 20, 2011 | Kara Sissell
The U.S. Senate has voted to repeal ethanol tax subsidies, reversing course on what has been a long-standing political imperative led by U.S. lawmakers representing farm states. A separate measure aimed at ending federal aid for certain ethanol infrastructure projects did not pass, however. The Volumetric Ethanol Excise Tax Credit (VEETC) provides a 45-cts/gal tax credit for blending ethanol into gasoline as is slated to expire at the end of this year. Its repeal could provide about $6 billion/year in government revenue, lawmakers say. A similar measure...
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