H.R. 1075 – Reading Mode

112th CONGRESS

1st Session

H. R. 1075

IN THE HOUSE OF REPRESENTATIVES

March 14, 2011

Mr. Womack (for himself, Mr. Campbell, and Mr. Griffin of Arkansas) introduced the following bill; which was referred to the Committee on Ways and Means

A BILL

To repeal the Volumetric Ethanol Excise Tax Credit.

Short title

This Act may be cited as the Volumetric Ethanol Excise Tax Credit Repeal Act.

Repeal of VEETC

(a)

Elimination of excise tax credit or payment

(1)

Section 6426(b)(6) of the Internal Revenue Code of 1986 is amended by striking December 31, 2011 and inserting the date of the enactment of the Volumetric Ethanol Excise Tax Credit Repeal Act).

(2)

Section 6427(e)(6)(A) of such Code is amended by striking December 31, 2011 and inserting the date of the enactment the Volumetric Ethanol Excise Tax Credit Repeal Act.

(b)

Elimination of income tax credit

The table contained in section 40(h)(2) of the Internal Revenue Code of 1986 is amended—

(1)

by striking 2011 and inserting the enactment date of the Volumetric Ethanol Excise Tax Credit Repeal Act, and

(2)

by adding at the end the following:

After such enactment date

zero

(c)

Repeal of deadwood

(1)

Section 40(h) of the Internal Revenue Code of 1986 is amended by striking paragraph (3).

(2)

Section 6426(b)(2) of such Code is amended by striking subparagraph (C).

(d)

Effective Date

The amendments made by this section shall apply to any sale, use, or removal for any period after the date of the enactment of the Act.