Stresses need to lower costs for Delaware farmers and invest in targeted tax credits for advanced biofuel innovation
U.S. Senator Chris Coons (D-Del.) today voted on an amendment to the Economic Development Act (S. 782) that would end the Volumetric Ethanol Excise Tax Credit (VEETC), which provides a $0.45 per gallon credit to suppliers who blend ethanol with gasoline, as well as a tariff on imported ethanol of $0.54 per gallon.
Senator Coons issued the following statement on his vote Thursday:
"Ending tax subsidies for corn-based ethanol will help alleviate the long overdue burden on U.S. taxpayers and Delaware's agricultural community. High gas and corn prices are slowing down our economic recovery, and making it harder for Delaware's poultry farmers to compete in the market. With our federal government facing a massive deficit and spiraling debt, ending these subsidies is a step in the right direction as we look for savings for taxpayers."
"While I do not support subsidies for corn-based ethanol, I believe that we need to pursue a long-term policy that will reduce the stranglehold of petroleum in the transportation sector. I strongly support promoting investment in advanced biofuels that move us away from food-based fuels. Diversifying the sources of our liquid fuel production will help our country reduce our dependence on foreign oil while spurring American innovation. We must provide greater incentives to allow start-up biofuel businesses to flourish and launch a next-generation biofuel industry that will utilize a variety of feed stocks and create a new, expansive job sector at home in Delaware and throughout the United States."