News Coverage
Gannett: Senate strikes deal on ethanol subsidy
Published July 8, 2011
Washington, D.C. — A deficit-cutting deal brokered between ethanol opponents and farm-state senators would end broad subsidies for the industry but preserve smaller, targeted tax breaks designed to help biofuels flourish.
The compromise, announced Thursday, would repeal the Volumetric Ethanol Excise Tax Credit starting Aug. 1 if Congress approves it. The credit, set to expire Dec. 31, gives blenders 45 cents for every gallon of ethanol they mix with gasoline, at a monthly cost of more than $400 million to the U.S. Treasury.
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http://www.desmoinesregister.com/article/20110708/BUSINESS01/107080331