A bill was introduced today in the U.S. Senate by Senators Charles Grassley (R-IA) and Kent Conrad (D-ND) to extend VEETC -- the Volumetric Ethanol Excise Tax Credit -- for five years at the current rate of 45 cents per gallon. Called the GREEN Jobs Act of 2010 ("Grow Renewable Energy from Ethanol Naturally"), the bill mirrors its U.S. House companion bill, introduced on March 25 by Congressmen Earl Pomeroy (D-ND) and John Shimkus (R-IL).
In his press release, Senator Grassley used the biodiesel tax credit as an example, stating that its expiration at the end of 2009 cost 29,000 clean-energy jobs and put 23,000 more at risk in America's biodiesel industry.
"We can't risk a repeat performance with ethanol, where 112,000 jobs are at stake," Grassley said.
Senator Conrad said, "Our country is in serious danger because of skyrocketing energy costs. This growing crisis demands urgent action. We must be committed to coming together in a bipartisan way to lessen our dependence on foreign oil, while aggressively pursuing alternative sources of energy such as biofuels. Extending these tax credits is a step in the right direction."
Brian Jennings of the American Coalition for Ethanol cited ethanol's direct benefits to Americans.
"The American people directly benefit from ethanol through the creation of hundreds of thousands of jobs and by saving money on a clean, renewable product at the pump. If it is a priority to save these high-skill, high-wage jobs in the U.S. and provide consumers with affordable fuel, it is imperative that these ethanol tax credits are renewed this year."
If you support the extension of these important tax credits for ethanol, please contact your Members of Congress and urge their support of these bills. ACE hosts a Legislative Action Center where you can send a message to your representatives in Congress in less than one minute's time: www.capwiz.com/ethanol.
Posted by: Kristin Brekke