IHS Chemical Week

People & Business :: Energy and Feedstocks

Congress Passes ‘Veto Proof’ Farm Bill

12:24 PM MDT | May 15, 2008 | Kara Sissell

U.S. lawmakers have passed a comprehensive farm bill that scales back tax credits for corn-based ethanol, and offers approximately $1/gal tax incentive for cellulosic ethanol. The Food, Conservation, and Energy Act of 2008 also establishes $340 million in loan guarantees for advanced biofuels plants including cellulosic ethanol units. The House and Senate both passed the bill with enough votes to override a presidential veto. President Bush had said he would not sign the bill because it is too costly, but a two thirds majority in each of the chambers allows it to...

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