The U.S. Senate voted to pass the Feinstein/Coburn amendment that repeals the 45-cent per gallon Volumetric Ethanol Excise Tax Credit (VEETC) and the 54-cent per gallon tariff on imported ethanol is a giant step toward leveling the playing field for a bushel of corn. It was a 73-27 vote on the legislation introduced by Senators Dianne Feinstein (D-Calif.) and Tom Coburn (R-Okla.).
“The VEETC and the tariff on imported ethanol have put cattlemen and other end-users of corn at a competitive disadvantage to the corn-based ethanol industry when it comes time to buy a bushel of corn. Repealing the VEETC and the import tariff are important steps to fully leveling the playing field. We commend the 73 U.S. Senators who supported the Feinstein/Coburn amendment,” said Bill Donald, National Cattlemen’s Beef Association president. “Cattlemen aren’t opposed to ethanol. In fact, we support our nation’s commitment to reducing our dependence on foreign oil.… Continue readingRead More »