Please ensure Javascript is enabled for purposes of website accessibility
October 3, 2023

Is This the Beginning of the End for Ethanol Tax Credits?

Key Senate lawmakers have reached a deal to end two ethanol subsidies by the end of the month, sooner than expected and a sign of how tax policy can change as attention focuses on the deficit.

Sen. Dianne Feinstein (D, Calif.) said in a statement that she had reached an agreement with Sens. Amy Klobuchar (D, Minn.) and John Thune (R, S.D.) under which a 45-cent-a-gallon tax credit for blending ethanol into gasoline would expire on July 31. A 54-cent-a-gallon tax on imported ethanol would also expire at the end of the month. [WSJ]

Key Senate lawmakers have reached a deal to end two ethanol subsidies by the end of the month, sooner than expected and a sign of how tax policy can change as attention focuses on the deficit.

Sen. Dianne Feinstein (D, Calif.) said in a statement that she had reached an agreement with Sens. Amy Klobuchar (D, Minn.) and John Thune (R, S.D.) under which a 45-cent-a-gallon tax credit for blending ethanol into gasoline would expire on July 31. A 54-cent-a-gallon tax on imported ethanol would also expire at the end of the month. [WSJ]

Latest Accounting Jobs--Apply Now:

Have something to add to this story? Give us a shout by email, Twitter, or text/call the tipline at 202-505-8885. As always, all tips are anonymous.

Related articles

Woman wearing a dunce cap writing I WILL NOT on a concrete wall

Look What PwC Made the Australian Government Have to Do

The Australian government released exposure draft legislation yesterday in response to “the PwC matter” and the funniest part is the special email they made to receive comments: [email protected]. Not ConsultingReponse or Sept23TaxReform, specifically PwCResponse. In four separate exposure drafts that amend the Taxation Administration Act 1953 (TAA) and/or the Tax Agent Services Act 2009 (TASA), […]

Internal Revenue Building Sign in Washington DC

The IRS Has Stopped Processing ERC Claims Because ERC Mills Are Scamming the F*ck Out of Them

The IRS announced today that it has issued an immediate moratorium on processing new employee retention credit claims at least through the end of the year. The agency cited “rising concerns about a flood of improper Employee Retention Credit claims,” driven by “aggressive promoters,” as the reason for closing the door on ERC claims. IRS: […]