Bill redirects biofuel spending
The American Farm Bureau Federation is urging members of the Senate to support a bipartisan bill that would continue America’s transition to home-grown biofuels.
In a letter sent to senators, AFBF President Bob Stallman called for passage of S. 1185, the Ethanol Reform and Deficit Reduction Act, sponsored by Sens. John Thune (R-S.D.) and Amy Klobuchar (D-Minn.) that would end the Volumetric Ethanol Excise Tax Credit (VEETC). Thune and Klobuchar, along with Sen. Diane Feinstein (D-Calif.), recently reached an agreement to end the VEETC on July 31, instead of the current date of Dec. 31.
“One-third of the savings resulting from this change would be used toward providing tax credits for cellulosic biofuel production and building blender pumps – efforts that should result in better security for our nation and lower prices at the pump for consumers,” Stallman wrote.
“Farm Bureau believes that our nation should be focused on energy independence. We support transitioning from the VEETC to a program that builds biofuel infrastructure, including blender pumps and biofuel pipelines.” Stallman wrote.
“Clean, renewable, domestic energy will help America achieve long-term economic growth, create a cleaner environment and shield our economy from unreliable foreign energy sources,” he stressed.