The amendment, introduced by Senators Tom Coburn (R-Okla.) and Dianne Feinstein (D-Calif.) repeals the 45-cent per gallon Volumetric Ethanol Excise Tax Credit (VEETC) and the 54-cent per gallon tariff on imported ethanol. It passed the Senate this afternoon by a vote of 73-27.
“The cattle industry is committed to energy independence and the development of renewable fuels; however, we can no longer afford to put our food and fuel in competition with one another,” said Joe Parker Jr., rancher and TSCRA president.
Parker says that more U.S. corn-based ethanol policies have caused corn prices to increase by reducing the supply of corn available for livestock use.
“Cattle need corn, especially during times of severe drought and wildfire. While there is still work to be done, the Senate made great strides today,” Parker said.