Farmers Union supports ethanol legislation
St. Paul (March 26, 2010) - Minnesota Farmers Union (MFU) supports federal legislation that would extend the 45-cents per gallon Volumetric Ethanol Excise Tax Credit (VEETC) and the tariff on imported ethanol until 2015.
"In Minnesota, the ethanol industry provides about $6 billion for our economy and about 26,000 jobs," said Doug Peterson, Minnesota Farmers Union President. "That is why passing this legislation is so important to continue the development and production of ethanol and support our local economy."
The tax credit is set to expire at the end of 2010. This legislation would extend the tax credit for small producers, and also extend a tax credit for producing cellulosic ethanol, the second generation of ethanol. Representative Collin Peterson and Representative Tim Walz are cosponsors of this bill.