In order to pass, the amendment needed 60 votes.
The tax incentive, paid to blenders of the ethanol, was established to build the infrastructure required to add this important transportation fuel into this country's fuel supply.
In addition, the amendment would have eliminated the trade tariff on foreign imports of ethanol.
VEETC was already set to expire at the end of this year.
Ethanol supporters have been working on alternatives to the existing credit and Senators John Thune (R-SD) and Amy Klobuchar (D-MN) recently introduced the Ethanol Reform and Deficit Reduction Act legislation to create a variable credit when oil prices are low and to redirect efforts to build additional flex fuel pumps and vehicles.
- New Ethanol Reform and Deficit Reduction Act Introduced
- Senator Coburn Seeks to Destroy American Ethanol
- Renewable Energy Production Promotes America's Security; Boosts Economy
- A Tale of Two Fuel Choice Approaches
- Saudi Prince: "We Don't Want the West to Go and Find Alternatives"
- Ethanol Lowers Fuel Prices
Good and Balanced Food and Fuel News!