S.884 - Domestic Energy Promotion Act of 2011112th Congress (2011-2012)
|Sponsor:||Sen. Grassley, Chuck [R-IA] (Introduced 05/04/2011)|
|Committees:||Senate - Finance|
|Latest Action:||Senate - 05/04/2011 Read twice and referred to the Committee on Finance. (All Actions)|
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Summary: S.884 — 112th Congress (2011-2012)All Information (Except Text)
Introduced in Senate (05/04/2011)
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.