The United States House of Representatives passed the Tax Bill Thursday night sending it to the desk of President, Barack Obama who has signed the bill into law as of Friday afternoon.
The Tax Bill extends a number of ethanol tax incentives for one year including the Volumetric Ethanol Excise Tax Credit (VEETC), a blender’s credit equaling 45 cents per gallon. Other ethanol tax incentives include a 54 cent per gallon tariff on imported ethanol, a small ethanol producer’s tax credit of 10 cents per gallon and an alternative vehicle property credit at a 30% rate.
“Extending VEETC was a top priority for our organization ensuring a level playing field for our countries only commercially viable, domestically produced, alternative fuel,” said South Dakota Corn Growers Association Executive Director, Lisa Richardson. “Looking forward we will strive to increase ethanol’s access to the market through additional infrastructure in an effort to further reduce our nation’s dependence on foreign oil.”
“We thank congress for working together and understanding the importance of supporting American biofuels as they will continue to play a vital role in our countries future clean energy economy.”