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World Biofuels
Symposium
November 13-15, 2005
Beijing, China
2nd Annual Canadian Renewable Fuels Summit
December 13-15, 2005
Toronto, Ontario, Canada
Hosted by:
Candadian Renewable Fuels
Association
National Biodiesel
Conference & Expo 2006
February 5-8, 2006
San Diego, California
Organizer:
National Biodiesel Board
11th Annual
National Ethanol Conference: "Policy & Marketing"
February 20-22, 2006
Las Vegas, Nevada, USA
Sponsored by:
Renewable Fuels Association
22nd
Annual International Fuel Ethanol Workshop & Expo
June 20-23, 2006
Milwaukee, Wisconsin, USA
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Posted on
April 5, 2004HOUSE OF REPRESENTATIVES PASSES HIGHWAY BILL INCLUDING ETHANOL INCENTIVE EXTENSION/HTF FIX Provision Generates Additional $2 Billion Per Year for Highways, Creates Jobs
Washington, DC – The House of Representatives today approved a transportation reauthorization bill (H.R. 3550) that included an important extension and modification of the ethanol incentive. The bill passed on a vote of 357-65.
The funding section of the bill includes the Volumetric Ethanol Excise Tax Credit (VEETC). By modifying the method in which federal excise taxes are collected on ethanol-blended fuels, VEETC would generate more than $2 billion per year in additional highway trust fund (HTF) revenues while maintaining an important incentive for the use of renewable fuels. VEETC also extends the incentive through 2010.
“Now that both the House and Senate have included VEETC in their highway bills, the RFA is very confident the important pro-consumer, pro-ethanol, pro-highway legislation will become law this year,” stated Renewable Fuels Association (RFA) President Bob Dinneen. “Congress’ commitment to the increased use of domestic, renewable ethanol comes at an important time. Today our country is importing more gasoline than every before. Ethanol will add more than 3.5 billion gallons of much-needed supply to the fuel marketplace this year, helping to drive down prices. With VEETC enacted, ethanol will continue to expand U.S. fuel supplies into the future.”
In addition to boosting revenues for the HTF, the U.S. Department of Agriculture states the ethanol tax incentive saves the federal government more than $3.2 billion dollars in lower farm program payments each year.
Dinneen concluded: “Promoting the production and use of ethanol creates American jobs. The current ethanol industry has created nearly 150,000 new jobs, including 12,000 jobs in America’s beleaguered manufacturing sector. But we’re not done yet. In 2004, ethanol industry expansion will add 22,000 new jobs and more than $15.3 billion to the gross output of the American economy.”
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For more information, visit the Renewable Fuels Association website at: www.ethanolrfa.org.
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