Today Congressmen Earl Pomeroy (D-ND) and John Shimkus (R-IL) introduced HR 4940, the "Renewable Fuels Reinvestment Act," to extend the ethanol tax credit, which is set to expire on December 31, for five years at the current 45-cent-per-gallon level. The bill would also extend the ethanol Small Producers Tax Credit, the Cellulosic Ethanol Production Tax Credit, and the 54-cent secondary tariff for five years. The bill currently has 29 co-sponsors. Our official press comments can be read in this release.
I was just in Washington, DC earlier this week for the American Coalition for Ethanol's second annual "Biofuels Beltway March." Almost 30 of ACE's grassroots members from across the Midwest traveled to Capitol Hill to ask Congress to reauthorize VEETC, the Volumetric Ethanol Excise Tax Credit. We broke into small groups and met with more than 60 Members of Congress or their staff, talking to them about how the ethanol tax credit directly benefits consumers and the hundreds of thousands of jobs all across America that are supported by the ethanol industry.
These grassroots advocates can tell ethanol's story in a way no paid lobbyist can. I was reminded once again that a success story ethanol has been for rural America as I sat with farmer board members who told Congress about ethanol's benefits to the farm economy and to their small communities which have good new jobs. I was impressed as I listened to ethanol producers talk about the increasing efficiencies at their plants, leading to lower water and energy usage. I would like to thank each of these ethanol supporters for taking the time to participate in our DC fly-in.
A recent study found that in 2009, the U.S. ethanol industry supported nearly 400,000 jobs in the U.S. and generated a surplus beyond the cost of its tax credit of $3.4 billion for the federal treasury. Ethanol's positive return on investment is clear, and we look forward to working with leaders in Congress to enact an extension of these important incentives.
Posted by: Brian Jennings