USDA talks Volumetric Ethanol Excise Tax Credit (VEETC).
USDA Secretary Tom Vilsack criticized a Senate vote to repeal biofuel incentives, stating that the votes were undermining America’s renewable energy industry.
The 73-27 vote came on an amendment offered by Senators Tom Coburn (R-OK) and Dianne Feinstein (D-CA) that would end the ethanol tax credit and import tariff.
Vilsack says: “President Obama has outlined a plan to reduce our oil imports by one-third by 2025. Biofuels play a central role in this plan, which is why this administration continues to support and invest in the development of these important, domestically produced fuels.”
The White House was supporting efforts currently underway in the Senate to reform and modernize tax incentives and other programs that support biofuels.
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