NCGA Optimistic Senate Will Follow House in Passage of Corporate
Tax Bill (10-08-04)
The National Corn Growers Association (NCGA) welcomes the House
passage Thursday of the Corporate Tax Bill conference report and
is optimistic the Senate will swiftly follow suit. The bill contains
key provisions important to farmers, including the Volumetric Ethanol
Excise Tax Credit (VEETC), the biodiesel tax incentives and elements
of the small ethanol producer tax credit.
The bill passed by a
280 - 141 vote. A Senate vote could
occur as late as Saturday evening.
“Corn growers appreciate the efforts of House members to
accomplish this legislation and hope the Senate does the same,” said
NCGA President Leon Corzine.
The VEETC provision
would extend to 2010 an existing tax incentive for using ethanol-blended
gasoline, and would re-direct funds generated
by an excise tax on ethanol to the highway trust fund (HTF). The
biodiesel provision would create a new tax credit of $1 per gallon
for agri-biodiesel, and 50 cents per gallon for biodiesel (recycled
oil).
“
Now is the time to call your senators and let them know how important
it is to corn growers that the VEETC, biodiesel, and small ethanol
producer credit provisions become law, and to vote for passage
of the conference report of the corporate tax bill,” Corzine
said.
NCGA members are urged to call the congressional switchboard,
202-224-3121, or send an e-mail through the Action
Alert.