S.1185 - Ethanol Reform and Deficit Reduction Act112th Congress (2011-2012)
|Sponsor:||Sen. Thune, John [R-SD] (Introduced 06/13/2011)|
|Committees:||Senate - Finance|
|Latest Action:||Senate - 06/13/2011 Read twice and referred to the Committee on Finance. (All Actions)|
This bill has the status Introduced
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Summary: S.1185 — 112th Congress (2011-2012)All Information (Except Text)
Introduced in Senate (06/13/2011)
Ethanol Reform and Deficit Reduction Act - Amends the Internal Revenue Code to: (1) link the amount of the volumetric ethanol excise tax credit (VEETC) for calendar quarters beginning after June 30, 2011, to the average price of crude oil in a calendar quarter, (2) modify the rates of the income tax credit for alcohol used as fuel and extend such credit through 2014, (3) extend the alternative fuel refueling property tax credit and the special depreciation allowance for cellulosic biofuel plant property, and (4) make permanent the cellulosic biofuel producer tax credit.
Modifies the definition of "cellulosic biofuel" for purposes of the cellulosic biofuel producer tax credit and the special depreciation allowance to mean any liquid fuel that is derived solely by or from qualified feedstocks. Defines "qualified feedstocks" as any lignocellulosic or hemicellulosic matter that is available on a renewable or recurring basis and any cultivated algae, cyanobacteria, or lemna.