VEETC

AcronymDefinition
VEETCVolumetric Ethanol Excise Tax Credit
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Interestingly, a number of GOP senators have supported VEETC repeal in earlier votes, but now are balking, lest they be seen as supporting a tax increase.
From an ethanol manufacturing perspective, he said, the VEETC is almost irrelevant today and doesn t factor into our ethanol plant economics .
other tax breaks available in the stages of production, but the VEETC is
If the same taxpayer is eligible for both the VEETC and the alcohol fuels tax credit, (47) the amount of the alcohol fuels tax credit is reduced.
Recommendation: Because the RFS allows rapidly increasing annual amounts of conventional biofuels through 2015 and the conventional corn starch ethanol industry is mature, the Congress may wish to consider wherevisions to the VEETC are needed.
With predictions of another food price crisis on the horizon in 2011, Congress should be re-evaluating the costs and benefits of converting food to fuel, instead of approving a $6 billion giveaway to the biofuel industry through VEETC.
Repealing the VEETC would save $3 billion from now through its scheduled year-end expiration, according to prior Coburn estimates.
RFA noted that the VEETC also extends the incentive through 2010.
While the growth of our alternative energy segment has been impressive, the elimination or reduction of ethanol industry tax incentives such as the VEETC, or blender's credit available to gasoline refiners and blenders, which is unless extended, set to expire on December 31, 2010, could impact demand and therefore our future operating performance.
Coburn says the VEETC "is a de facto cash subsidy that directs 45 cents to refiners for every gallon of ethanol they blend with gasoline.
By modifying the method in which federal excise taxes are collected on ethanol-blended fuels, RFA said the VEETC could potentially generate more than $2 billion per year in additional highway trust fund (HTF) revenues.
By modifying the method in which federal excise taxes are collected on ethanol-blended fuels, RFA said the VEETC "would generate more than $2 billion per year in additional [Highway Trust Fund (HTF)] revenues while maintaining an important incentive for the use of renewable fuels.