Growth Energy, the coalition of U.S. ethanol supporters, is asking top Congressional tax writers to fix a program that is intended to promote the installation of pumps that dispense mid- and high-level ethanol blends. The problem is an IRS interpretation that retailers are only allowed to take credit for a portion of the new pump – instead of the entire pump.
In letters to the chairmen and ranking members of both the Senate Finance and House Ways and Means committees, Growth Energy CEO Tom Buis said the Alternative Fuel Vehicle Refueling Property Credit should allow fuel vendors to recapture up to $50,000 or 50%, of the total cost of installing alternative fuel dispensing systems such as ethanol blender pumps.
Buis says Growth Energy's position is that a simple technical correction would go a long way to clarifying the intent of Congress, and clear the way so that retailers can have the tax credits they've been promised to help build out the infrastructure we need to delivery alternative fuels like ethanol.
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