POET: Senate Votes show openness to tax credit reform
By adopting the Thune/Klobuchar bill, Senate end tax credit, reduce deficit and give consumers choice at the pump
SIOUX FALLS, S.D. -- Jeff Broin, POET Chairman and CEO, made the following statement today following the U.S. Senate vote to end the Volumetric Ethanol Tax Credit (VEETC) and preserve U.S. Department of Agriculture (USDA) funding for flex pumps.
"By voting to repeal the ethanol tax credit, while preserving USDA’s funding for flex pumps, the Senate came close to a reform package supported by the ethanol industry. With enough flex pumps to give consumers true choice at the pump, ethanol can compete directly with gasoline. But while the USDA program is a good first step, it doesn’t go far enough.
“That’s why we believe the Senate should now adopt the bipartisan Ethanol Reform and Deficit Reduction Act introduced by Senators Thune and Klobuchar. This bill would end the ethanol tax credit and reduce the deficit, while still supporting the expansion of flex pumps that would give consumers greater fuel choice. It’s not too late for Congress to establish the infrastructure for a competitive market between ethanol and gasoline that would lower prices at the pump.”
POET, the largest ethanol producer in the world, is a leader in biorefining through its efficient, vertically integrated approach to production. The 23-year-old company has a production capacity of more than 1.7 billion gallons of ethanol and 9 billion pounds of high-protein animal feed annually from 27 production facilities nationwide. POET also operates a pilot-scale cellulosic ethanol plant, which uses corn cobs and light stover as feedstock, and will commercialize the process in Emmetsburg, Iowa. For more information, visit http://www.poet.com.
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