Bill Introduced to End Ethanol Tax Credit
Via The Hill’s Energy blog:
“The ethanol tax credit is bad economic policy, bad energy policy and bad environmental policy. The $6 billion we waste every year on corporate welfare should instead stay in taxpayers’ pockets where it can be used to spur innovation, stimulate growth and create jobs,” Coburn said in a statement Wednesday.
The bill would repeal the VEETC. As before, a broad coalition emerged in support of the legislation.
CEI’s Marlo Lewis commented on the idea that ethanol is an infant fuel that needs protection:
Henry Ford built his first car, the Quadricycle, to run on pure ethanol. That was in 1896. In 1908, Ford built the first flexible fuel vehicle capable of running on either gasoline or ethanol. Today, more than a hundred years later, the perennial infant known as the corn-ethanol industry still can’t ‘compete’ without government coddling. We commend Senators Cardin and Coburn for challenging Congress to stop throwing good money after bad.