M E M O R A N D U M
TO: Reporters and Editors
RE: Ethanol tax credit
Senator Chuck Grassley today released the following comment after a Government Accountability Office report suggested that the ethanol production tax credit should be revisited. Grassley has long been one of the most outspoken advocates in Congress for developing domestically produced alternative, renewable energy such as ethanol.
Grassley is the ranking member of the Senate Finance Committee, which has jurisdiction over federal tax policy, and one of two working family farmers in the United States Senate.
“Home-grown ethanol is the shining star in our efforts to reduce our dependence on dirty, imported fossil fuels. It would be short-sighted to shoot ourselves in the foot and end a tax credit that helps ensure that the Renewable Fuels Standard we in Congress enacted is a floor and not a ceiling for ethanol use. This tax credit helps ethanol producers increase efficiencies and production methods as they move toward the development of the next generation of biofuels. Ethanol remains relatively new, especially when you compare it to the oil industry, which has been around for 100 years and still receives extensive government support.”