Producers often plant crops for renewable energies because of government subsidies. This bill would extend the Volumetric Ethanol Excise Tax Credit and the Small Ethanol Producers Tax Credit through 2015. It would otherwise expire this year. It also extends the Cellulosic Ethanol Production Tax Credit through 2015.
“Clean, renewable domestic energy will help American achieve long-term economic growth, create a cleaner environment and shield our economy from unreliable foreign energy sources,” AFBF President Bob Stallman said. “American farmers and ranchers are playing a bigger role in supplying our nation with the energy it needs through the production of agricultural-based, renewable energy resources. Tax incentives play a key role in the development and production of renewable energy.”
The extended incentives encourage diverse crops and price competition. The renewable energy industry appeared in the 1980s with the aid of tax credits and now produces over 10 billion gallons of fuel every year.
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Tags: chuck grassley, farm bureau, kent conrad, renewable energy