AFBF Supports Tax Incentives Package
Long term extensions are still needed for several other energy tax incentives.
Compiled by staff
Published: Apr 22, 2010
The American Farm Bureau Federation is supporting the Grow Renewable Energy from Ethanol Naturally Jobs Act of 2010. Farm Bureau believes the GREEN Jobs Act, introduced Tuesday by Senators Chuck Grassley, R-Iowa, and Kent Conrad, D-N.D., would bring the nation one step closer to energy independence.
The bill would extend the Volumetric Ethanol Excise Tax Credit and the Small Ethanol Producers Tax Credit for five years through 2015. These two provisions are set to expire at the end of 2010. In addition, the bill extends the Cellulosic Ethanol Production Tax Credit for three years, through 2015, and the secondary tariff on ethanol that offsets the benefit received by imported ethanol.
Unfortunately, says AFBF, existing renewable energy tax incentives are temporary with varying expiration dates. Long-term extensions are needed to boost renewable technologies and support development of the market infrastructure necessary to make these technologies more competitive. In addition, the long-term extension of renewable energy credits will ensure industry stability and attract the capital necessary to realize the benefits of long-term planning.
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Tagged: ethanol, farm, Farm Bureau, Extension, American Farm Bureau Federation
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