Sens. Push Repeal Of Corn Ethanol Tax Credit

Law360, New York (March 10, 2011, 4:27 PM EST) -- Two bills introduced Wednesday in the U.S. Senate aim to repeal the 45-cent-per-gallon tax credit for corn ethanol blenders — which would save taxpayers about $6 billion a year — while one also calls for lower tariffs on imports of the fuel.

The first of the bills was proposed by Sens. Tom Coburn, R-Okla., and Ben Cardin, D-Md., who said the 45-cent-per-gallon subsidy — officially known as the volumetric ethanol excise tax credit — was costly and ineffective.

In fact, it essentially provides free money for...
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