On Monday the U.S. Senate proceeded on tax bill, H.R. 4853 by way of a cloture vote. The bill includes a one year extensions of the Volumetric Ethanol Excise Tax at 45 cent per gallon, ethanol tariff at 54 cent per gallon, the small ethanol producer’s tax credit at 10 cents per gallon and alternative vehicle property credit at a 30% rate.
The bill contains several other good measures for agriculture including the return of the biodiesel tax credit of one dollar per gallon and the Estate Tax.
“This is a step in the right direction to level the playing field by continuing to give renewable energy a chance to compete in the market place,” said Lisa Richardson, Executive Director of the South Dakota Corn Growers Association.