U.S. Ethanol Supporters Endorse Grassley-Conrad Bill
WASHINGTON, DC – Growth Energy, the coalition of U.S. ethanol supporters, issued the following statement after Sens. Charles Grassley, R-Iowa, and Kent Conrad, D-N.D., introduced a bipartisan bill to extend the Volumetric Ethanol Excise Tax Credit (VEETC) and ethanol tariff for five years and the cellulosic tax credit for three years, all at current levels.
“Extending these measures will ensure job growth and economic development across the entire country—all while reducing our dependence on foreign oil and cleaning our skies,” Tom Buis, CEO of Growth Energy, said. “If we let the tariff and VEETC expire, it would drain both hundreds of thousands of jobs and billions of dollars right out of our economy.”
The Senate bill mirrors bipartisan legislation that was introduced in the House in March by Reps. Earl Pomeroy, D-N.D., and John Shimkus, R-Ill. Pomeroy serves on the tax-writing House Ways and Means Committee, while in the Senate, both Grassley and Conrad serve on the tax-writing Finance Committee, giving the bipartisan legislation a strong advantage in the Congress.
Buis cited a University of Missouri study which found that allowing the tariff to lapse would force job losses of 39,506 in the first year, 115,624 in the second year, and 161,384 in the third year – with job losses continuing year-to-year and never regaining. The decline in economic activity was calculated at $9.2 billion in the first year, $26.4 billion in the second year, and $36,651 in the third year.
Read the full release at GrowthEnergy.org
