Senators Charles Grassley (Republican) and Kent Conrad (Democrat) have introduced the Grow Renewable Energy from Ethanol Naturally Jobs Act of 2010, or GREEN Jobs Act of 2010, that would extend key tax incentives for the use and production of all forms of ethanol.
Specifically, the bill extends through 2015 the Volumetric Ethanol Excise Tax Credit (VEETC), the offsetting tariff on foreign ethanol.
Besides extending VEETC, the bill extends the Small Producers Tax Credit and the Cellulosic Ethanol Producer Tax Credit until 1 January 2016.
The bill also extends the ethanol import tariff.
In a statement from Grassley, he noted “the United States already provides generous duty-free access to imported ethanol under the Caribbean Basin Initiative, but the CBI cap has never once been fulfilled. In fact, last year, only 25 percent of it was even used by Brazil and other countries.”
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