TAX POLICY
The current tax policy effecting ethanol is the Volumetric Ethanol Excise Tax Credit or VEETC, which is also called “the blender tax credit.” Under the program, a blender of 10% ethanol would receive 45 cents per blended gallon of ethanol. The incentive goes directly to the blender and not to the ethanol plant or the corn grower.
Does Illinois Corn support tax credits for ethanol?
Illinois Corn relies on ethanol as an important and growing market for the ever increasing yields we produce. As such, we continue to support policies and programs that will allow more and more ethanol to become available to consumers.
Our current policy is that IL Corn supports VEETC through the end of the 2011 (the ethanol industry has planned on the tax credit being available this long!) and then would like to see the tax credit transitioned into market access programs for ethanol.
There are many areas were ethanol could use some help becoming available to the masses. IL Corn would like to see investments in Flex Fuel Vehicle availability and blender pumps (gas pumps that allow a consumer to choose the blend of ethanol to gasoline that is right for them) as well as regulations that allow for higher blends of ethanol to be available to the consumer.