Getting Closer To New Energy Legislation
Posted: December 7, 2007
Yesterday the House of Representatives passed H.R. 6, The Energy Independence and Security Act. NCGA like many other farm groups applauded the move. The House bill includes a 36 billion-gallon Renewable Fuels Standard (RFS) with 15 billion gallons for corn based ethanol.
“NCGA is excited about the 15 billion-gallon expanded RFS for grains-based ethanol that the leadership included in the House package,” said NCGA President Ron Litterer. “We hope to see the RFS quickly move through the Senate and to the president’s desk. The passage of the RFS is our number one priority.”
The following are key provisions of the House energy bill:
* Expands RFS for corn ethanol to 15 billion gallons by 2015
* Requires 9 billion gallons of renewable fuels in 2008 and progressively increases to a 36-billion-gallon requirement by 2022
* Moves the Volumetric Ethanol Excise Tax Credit from 51 cents per gallon to 46 cents per gallon
* Extends the biodiesel tax credit to 2010
Now it’s on to the Senate where things may not be quite as easy and the White House which is apparently not currently favorable to the House bill. This is what makes life interesting isn’t it?