S.884 - Domestic Energy Promotion Act of 2011

A bill to amend the Internal Revenue Code of 1986 to provide for a variable VEETC rate based on the price of crude oil, and for other purposes. view all titles (2)

All Bill Titles

  • Official: A bill to amend the Internal Revenue Code of 1986 to provide for a variable VEETC rate based on the price of crude oil, and for other purposes. as introduced.
  • Short: Domestic Energy Promotion Act of 2011 as introduced.

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Introduced
 
Senate
Passes
 
House
Passes
 
President
Signs
 

 
05/04/11
 
 
 
 
 
 
 

Official Summary

Domestic Energy Promotion Act of 2011 - Amends the Internal Revenue Code to: (1) reduce the volumetric ethanol excise tax credit (VEETC) to 20 cents per gallon in 2012 and 15 cents per gallon in 2013; (2) link the amount of such credit to the price of crude oil for calendar quarters beginni

Official Summary

Domestic Energy Promotion Act of 2011 - Amends the Internal Revenue Code to:
(1) reduce the volumetric ethanol excise tax credit (VEETC) to 20 cents per gallon in 2012 and 15 cents per gallon in 2013;
(2) link the amount of such credit to the price of crude oil for calendar quarters beginning after 2013;
(3) modify the rates of the income tax credit for alcohol used as fuel and extend such credit through 2016; and
(4) extend through 2016 the alternative fuel refueling property tax credit, the cellulosic producers' tax credit, and the special depreciation allowance for cellulosic biofuel plant property. Amends the Harmonized Tariff Schedule of the United States to reduce by specified amounts through 2016 the additional duties on ethyl alcohol blends (ethanol) used as fuel.

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