Pomeroy, Shimkus seek colleagues’ support for ethanol tax credit extension

Their letter says that in 2009, tax revenue from domestic ethanol production brought in  $8.4 billion in federal revenue, or $3.4 billion more than the cost of the credit.

Their planned bill would also extend a credit for small producers scheduled to lapse at year’s end for five years, and extend until 2016 a credit for producing cellulosic ethanol that is scheduled to lapse at the end of 2012.

“Our legislation will provide meaningful long-term extensions of these tax credits, giving the industry the certainty it needs to maintain current production and continue to invest and develop the next generation of biofuels,” the letter states.