The Senate's tax bill will include a 45 cent-per-gallon ethanol tax credit for one more year, through the end of 2011, a spokesperson for Senator Chuck Grassley (R-IA) told Agriculture.com at Thursday evening.
The tax credit is in the draft of the tax extension bill the Senate is expected to vote on soon, said Beth Pellett Levine.
On Thursday, Marc Curtis, of Leland, Mississippi, was
elected chairman of the United Soybean Board, which administers the national
soybean checkoff of 0.5% of the initial gross sales of soybeans.
The Board’s current fiscal year, which started last
October, is projected to have enough carryover funds and revenue for a record
budget of $103.5 million, thanks to strong soybean prices.
After meeting with Republican leaders Tuesday morning Senator Chuck Grassley, the ranking GOP member of the Senate Finance Committee, told reporters that 71 tax credits that expired in 2009 as well as credits expiring this month will be renewed to last through the end of 2011 as part of the tax deal worked out between Congress and the White House.
"I'm led to believe the extenders of 2009 would be extended for the years 2010 and 2011," the Iowa Senator said. That would be good news for the struggling biodiesel industry, which lost its $1-a-gallon tax credit at the end of 2009.
In these uncertain times the year that just began looks murky, except for these bets
The ethanol industry scored a public relations coup
Thursday when NASCAR officials announced at their annual awards meeting in Las
Vegas that its 2011 races will be powered by Sunoco Green E15.
It’s a project of the ethanol trade group, Growth Energy
and the National Corn Growers Association and state affiliates. The groups have
formed a new entity, American Ethanol, which will be sponsoring the campaign.
Late Thursday Senate Finance Committee Chairman Max
Baucus (D-MT) unveiled a bill to extend middle class tax cuts that also
includes a one-year extension of the ethanol tax credit through 2011. The
Volumetric Ethanol Excise Tax Credit, or VEETC, would fall from the current 45
cent a gallon rate to 36 cents.
As behind-the-scenes negotiations of the fate of Bush-era
tax cuts continue, one senator who supports keeping a tax credit for ethanol
said Thursday that he’s not certain of its fate.
At least 10 groups agreed on one part of the looming tax
battle in Congress next month. On a day when President Barack Obama and
Republican and Democratic congressional leaders met to talk about the Bush era
tax cuts that expire next month, ten farm organizations called for extending
estate tax relief.
Exports help a recovering livestock sector stay afloat on expensive feed.
Don’t be afraid to use outside advice to help you know when to lock in a margin.