NCGA
Applauds Senate Passage of Corporate Tax Bill with $13 Billion Energy
Tax Package (5-12-04)
The National Corn Growers Association (NCGA) is pleased
with Senate passage late yesterday of the corporate tax bill, S. 1637,
which includes a $13 billion energy tax package and the small producer
tax credit. That tax package was earlier stripped from the larger
energy bill by Sen. Pete Domenici (R-N.M.) in an effort to break the
political blockage and secure its passage. NCGA is cautiously optimistic
the House will follow suit.
The 92-5 Senate vote on final passage was preceded
by a day of various amendment votes and the possibility that the energy
tax incentives, which targets oil, gas, coal, nuclear, renewable and
energy conservation programs may be stripped.
“We knew that these amendments were going to
be offered but they were not successful,” said NCGA President
Dee Vaughan. “This proves that legislation to incentivize domestic
ethanol production in this country is something that can be supported
when members of Congress are given the opportunity to vote on the
substance of these issues, and not be bogged down by procedure.”
“It looks like we have finally won one battle,”
said Vaughan. “Our focus now is directed to the House of Representatives,
which we are encouraging to follow the Senate’s lead and pass
the bill. Then it’s on to the comprehensive energy bill.”
Although the House bill has stalled, there is now
a greater chance the bill will pass now that the Senate has okayed
its bill. Whether the energy tax amendments will be attached to the
House bill isn’t completely clear. Legislators are reporting
the addition of the incentives may be difficult, especially with the
Volumetric Ethanol Tax Credit (VEETC), included in both Senate and
House highway transportation reauthorization bills.