A bill introduced Thursday by two members of the House of Representatives would bring an immediate end to both the $0.45 per gallon Volumetric Ethanol Excise Tax Credit (VEETC) and the tariff on imported ethanol.
The bill by Reps. Wally Herger (R-CA) and Joseph Crowley (D-NY) mirrors an amendment introduced by Sens. Dianne Feinstein (D-CA) and Tom Coburn (R-OK) that passed the Senate last week 73-27.
The broad coalition of 30 associations supporting the measure includes the American Meat Institute. “We applaud and thank Representatives Herger and Crowley for their bipartisan leadership in moving the critical issue of biofuels to reform forward,” the groups said in a press release.
“It is high time the United States ended taxpayer-funded subsidies for corn-based ethanol and this bill is a step in the right direction. We encourage the House to move quickly to enact this legislation and to continue to oppose spending on infrastructure that will expand the market for corn-based ethanol.”