S 1057 PCSCommentsClose CommentsPermalink

Calendar No. 69CommentsClose CommentsPermalink

112th CONGRESSCommentsClose CommentsPermalink

1st SessionCommentsClose CommentsPermalink

S. 1057CommentsClose CommentsPermalink

To repeal the Volumetric Ethanol Excise Tax Credit.CommentsClose CommentsPermalink

IN THE SENATE OF THE UNITED STATESCommentsClose CommentsPermalink

May 24, 2011CommentsClose CommentsPermalink

Mr. COBURN introduced the following bill; which was read the first timeCommentsClose CommentsPermalink

May 25, 2011CommentsClose CommentsPermalink

Read the second time and placed on the calendarCommentsClose CommentsPermalink

A BILLCommentsClose CommentsPermalink

To repeal the Volumetric Ethanol Excise Tax Credit.CommentsClose CommentsPermalink

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,CommentsClose CommentsPermalink

SECTION 1. SHORT TITLE.

This Act may be cited as the ‘Ethanol Subsidy and Tariff Repeal Act’.CommentsClose CommentsPermalink

SEC. 2. REPEAL OF VEETC.

(a) Elimination of Excise Tax Credit or Payment-CommentsClose CommentsPermalink





(1) Section 6426(b)(6) of the Internal Revenue Code of 1986 is amended by striking ‘December 31, 2011’ and inserting ‘the later of June 30, 2011, or the date of the enactment of the Ethanol Subsidy and Tariff Repeal Act)’.CommentsClose CommentsPermalink





(2) Section 6427(e)(6)(A) of such Code is amended by striking ‘December 31, 2011’ and inserting ‘the later of June 30, 2011, or the date of the enactment the Ethanol Subsidy and Tariff Repeal Act’.CommentsClose CommentsPermalink





(b) Elimination of Income Tax Credit- The table contained in section 40(h)(2) of the Internal Revenue Code of 1986 is amended--CommentsClose CommentsPermalink





(1) by striking ‘2011’ and inserting ‘the later of June 30, 2011, or the date of the enactment of the Ethanol Subsidy and Tariff Repeal Act’, andCommentsClose CommentsPermalink





(2) by adding at the end the following:CommentsClose CommentsPermalink

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‘After such date zero zero’. CommentsClose CommentsPermalink

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(c) Repeal of Deadwood-CommentsClose CommentsPermalink





(1) Section 40(h) of the Internal Revenue Code of 1986 is amended by striking paragraph (3).CommentsClose CommentsPermalink





(2) Section 6426(b)(2) of such Code is amended by striking subparagraph (C).CommentsClose CommentsPermalink





(d) Effective Date- The amendments made by this section shall apply to any sale, use, or removal for any period after the later of June 30, 2011, or the date of the enactment of the Act.CommentsClose CommentsPermalink

SEC. 3. REMOVAL OF TARIFFS ON ETHANOL.

(a) Duty-Free Treatment- Chapter 98 of the Harmonized Tariff Schedule of the United States is amended by adding at the end the following new subchapter:CommentsClose CommentsPermalink

‘Subchapter XXIIICommentsClose CommentsPermalink

Alternative FuelsCommentsClose CommentsPermalink

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Heading/Subheading Article Description                                                                                                                                                                                                                                                                                                                                                                                                                                                          Rates of Duty               CommentsClose CommentsPermalink

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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                General       Special       CommentsClose CommentsPermalink

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9823.01.01         Ethyl alcohol (provided for in subheadings 2207.10.60 and 2207.20) or any mixture containing such ethyl alcohol (provided for in heading 2710 or 3824) if such ethyl alcohol or mixture is to be used as a fuel or in producing a mixture of gasoline and alcohol, a mixture of a special fuel and alcohol, or any other mixture to be used as fuel (including motor fuel provided for in subheading 2710.11.15, 2710.19.15 or 2710.19.21), or is suitable for any such uses Free          Free    20%’. CommentsClose CommentsPermalink

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(b) Conforming Amendments- Subchapter I of chapter 99 of the Harmonized Tariff Schedule of the United States is amended--CommentsClose CommentsPermalink





(1) by striking heading 9901.00.50; andCommentsClose CommentsPermalink





(2) by striking U.S. notes 2 and 3.CommentsClose CommentsPermalink





(c) Effective Date- The amendments made by this section apply to goods entered, or withdrawn from warehouse for consumption, on or after the later of June 30, 2011, or the date of the enactment of this Act.CommentsClose CommentsPermalink

Calendar No. 69CommentsClose CommentsPermalink

112th CONGRESSCommentsClose CommentsPermalink

1st SessionCommentsClose CommentsPermalink

S. 1057CommentsClose CommentsPermalink

A BILLCommentsClose CommentsPermalink

To repeal the Volumetric Ethanol Excise Tax Credit.CommentsClose CommentsPermalink

May 25, 2011CommentsClose CommentsPermalink

Read the second time and placed on the calendarCommentsClose CommentsPermalink