WASHINGTON, DC – Growth Energy, the leading voice for US ethanol supporters, today supported bipartisan legislation that will reform and reduce current ethanol policy to save consumers money at the pump, reduce our dependence on foreign oil and promote the continued growth of the domestic ethanol industry. The Ethanol Reform and Deficit Reduction Act will be introduced today by Senators John Thune (R-SD) and Amy Klobuchar (D-MN).
Growth Energy CEO Tom Buis said, “Sens. Thune and Klobuchar are proposing a fiscally-responsible bill that reforms ethanol tax policy in a manner that creates U.S. jobs, gives American motorists a choice at the pump, reduces our nation’s dependence on foreign oil and encourages the development of ethanol from next-generation feedstocks, such as cellulosic biomass. We urge the Congress to take up and pass this bipartisan bill. Ultimately, what the Thune-Klobuchar legislation does is provide both near- and long-term solutions to higher gas prices and the unwanted influence of OPEC on our economy.”
The bill will transition the current Volumetric Ethanol Excise Tax credit, VEETC, to a variable tax incentive tied to the price of oil. Additionally, the bill will use funds saved by the reform of VEETC to expand ethanol fueling infrastructure, such as Flex Fuel pumps and other ethanol-related infrastructure. The bill will also extend current tax incentives for next generation ethanol technologies using cellulosic and other feedstocks.
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About Growth Energy
Growth Energy represents the producers and supporters of ethanol who feed the world and fuel America in ways that achieve energy independence, improve economic well-being and create a healthier environment for all Americans now.