03 May '11, 9pm

Bipartisan Senate bill would end wasteful corn ethanol subsidies this summer

Today, Senators Diane Feinstein and Tom Coburn have joined forces across the aisle to introduce legislation that will completely eliminate the main corn ethanol tax credit —known as the Volumetric Ethanol Excise Tax Credit or “VEETC”—before year-end, as well as end the import tariff on foreign ethanol. Their effort speaks to the strong bipartisan consensus on ending subsidies to old, polluting corn ethanol, will save taxpayers billions, and finally force the mature corn ethanol industry to compete in the marketplace after three decades of government support. As we’ve written about extensively, the VEETC is wasteful and redundant , paying oil companies billions in scarce taxpayer dollars each year—nearly $6 billion this year alone—to blend more and more ethanol into our gasoline supply, despite the fact that they are already required to do so by law. In exchange we’ve gotte...

Full article: http://switchboard.nrdc.org/blogs/slyutse/bipartisan_legi...

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