II
112th CONGRESS
1st Session
S. 520
IN THE SENATE OF THE UNITED STATES
March 9, 2011
Mr. Coburn (for himself and Mr. Cardin) introduced the following bill; which was read twice and referred to the Committee on Finance
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
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 date of the enactment
of the Volumetric Ethanol Excise Tax Credit
Repeal Act)
.
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
.
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 enactment date of the
Volumetric Ethanol Excise Tax Credit Repeal
Act
,
by adding at the end the following:
| After such enactment 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 date of the enactment of the Act.