House and Senate Overwhelmingly Pass Separate Measures to Reduce Federal Support of EthanolThursday, June 16, 2011
(American Meat Institute)
In bipartisan actions, both the House of Representatives and the Senate today overwhelmingly approved two separate amendments that would reduce the federal government’s support of corn-based ethanol.
The Senate approved an amendment to the Economic Development Revitalization Act introduced by Senator Diane Feinstein (D-CA) and Senator Tom Coburn (R-OK) that would fully eliminate the Volumetric Ethanol Excise Tax Credit (VEETC) and fully repeal the import tariff on foreign ethanol. The amendment passed 73-27.
In a separate measure, the House voted 283-128 to pass an amendment introduced by Rep. Jeff Flake (R-AZ) that would prohibit the U.S. Department of Agriculture from using appropriated funds for the installation of ethanol pumps and storage facilities.
“At a time of record federal
deficits coupled with rising food prices, it is
time to end the 30-plus years of taxpayer
subsidies afforded to the corn-based ethanol
industry, which is costing taxpayers
approximately $6 billion this year alone,”
said AMI President and CEO J.