NTU urges all Senators to vote “YES” on cloture on the motion to proceed to Amendment 436 to S. 782, the “Economic Development Revitalization Act of 2011.” Introduced by Senator Tom Coburn (R-OK), this amendment would repeal the Volumetric Ethanol Excise Tax Credit (VEETC) and end the tariff on imported ethanol.
Misguided federal policies for ethanol production and consumption have plagued taxpayers for years, even as agribusiness giants have reaped the profits from their favorable treatment. In addition to a $6 billion advantage from the refundable VEETC, domestic ethanol producers currently benefit from protectionism that locks out less expensive alternatives.
Amendment 436 would put an end to these ill-advised market distortions which have led to higher food costs and inefficient energy for consumers. In order to fully clear away the current thicket of governmental tampering in the ethanol market, NTU believes that the federal mandate requiring nearly 14 billion gallons of renewable fuel to be mixed into the gasoline supply should also be eliminated. Nevertheless, while Congress works toward a less burdensome tax system for all and a more sustainable federal budget, Amendment 436 is an important start.
All roll call voteson Amendment 436 will be significantly weighted in our annual Rating ofCongress and a “YES” vote will be considered the pro-taxpayer position.
If you have any questions, please contact NTU Federal Government Affairs Manager Brandon Greife at(703) 683-5700