II
Calendar No. 69
112th CONGRESS
1st Session
S. 1057
IN THE SENATE OF THE UNITED STATES
May 24, 2011
Mr. Coburn introduced the following bill; which was read the first time
May 25, 2011
Read the second time and placed on the calendar
A BILL
To repeal the Volumetric Ethanol Excise Tax Credit.
Short title
This Act may be cited as the
Ethanol Subsidy and Tariff Repeal
Act
.
Repeal of VEETC
Elimination of excise tax credit or payment
Section
6426(b)(6) of the Internal Revenue Code of 1986 is amended by striking
December 31, 2011
and inserting the later of June 30,
2011, or the date of the enactment of the Ethanol Subsidy and Tariff Repeal
Act)
.
Section
6427(e)(6)(A) of such Code is amended by striking December 31,
2011
and inserting the later of June 30, 2011, or the date of
the enactment the Ethanol Subsidy and Tariff
Repeal Act
.
Elimination of income tax credit
The table contained in section 40(h)(2) of the Internal Revenue Code of 1986 is amended—
by striking
2011
and inserting the later of June 30, 2011, or the
date of the enactment of the Ethanol Subsidy
and Tariff Repeal Act
, and
by adding at the end the following:
| After such date | zero | zero |
.
Repeal of deadwood
Section 40(h) of the Internal Revenue Code of 1986 is amended by striking paragraph (3).
Section 6426(b)(2) of such Code is amended by striking subparagraph (C).
Effective Date
The amendments made by this section shall apply to any sale, use, or removal for any period after the later of June 30, 2011, or the date of the enactment of the Act.
Removal of tariffs on ethanol
Duty-Free treatment
Chapter 98 of the Harmonized Tariff Schedule of the United States is amended by adding at the end the following new subchapter:
Alternative Fuels
| Heading/Subheading | Article Description | Rates of Duty | ||
| 1 | 2 | |||
| General | Special | |||
| 9823.01.01 | Ethyl alcohol (provided for in subheadings 2207.10.60 and 2207.20) or any mixture containing such ethyl alcohol (provided for in heading 2710 or 3824) if such ethyl alcohol or mixture is to be used as a fuel or in producing a mixture of gasoline and alcohol, a mixture of a special fuel and alcohol, or any other mixture to be used as fuel (including motor fuel provided for in subheading 2710.11.15, 2710.19.15 or 2710.19.21), or is suitable for any such uses | Free | Free | 20% |
.
Conforming amendments
Subchapter I of chapter 99 of the Harmonized Tariff Schedule of the United States is amended—
by striking heading 9901.00.50; and
by striking U.S. notes 2 and 3.
Effective date
The amendments made by this section apply to goods entered, or withdrawn from warehouse for consumption, on or after the later of June 30, 2011, or the date of the enactment of this Act.
May 25, 2011
Read the second time and placed on the calendar