RFA President Bob Dinneen discusses new report on economic importance of tax incentive
Renewable Fuels Association president and CEO Bob Dinneen discusses a new report that shows the economic importance of the Volumetric Ethanol Excise Tax Credit (VEETC), which is set to expire at the end of this year. Dinneen talks about how failure to extend the blenders tax incentive would reduce U.S. ethanol production capacity by 38% and eliminate 112,000 jobs in rural communities. He also discusses RFA’s position on the offsetting import tariff. Read the study here.
5:25 ethanol report on VEETC study
The program is voiced by reporter Cindy Zimmerman. It is in the format of a complete program called "The Ethanol Report." Please feel free to use as you wish, edited or in its complete form. If you have any problems downloading the audio file, please contact ZimmComm New Media at 573-896-5842. Text of the report with separate sound bites follows.
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The Renewable Fuels Association has released a report that shows how failure to extend the Volumetric Ethanol Excise Tax Credit (VEETC) would reduce U.S. ethanol production capacity by 38% and eliminate 112,000 jobs in rural communities, as well as result in lower corn prices. The tax incentive that encourages blenders to use ethanol in gasoline is set to expire at the end of this year, along with the offsetting tariff on ethanol imports that allows only domestically produced ethanol to benefit from the tax credit.
RFA president and CEO Bob Dinneen explains why they had the study done.
:34 dinneen-veetc-study-1
Dinneen gives some of the study’s findings.
:32 dinneen-veetc-study-2
Dinneen explains that the import tariff is tied to the tax credit and also needs to be extended.
:24 dinneen-veetc-study-3
Dinneen acknowledges that it is an election year and Congress has a lot to accomplish so everyone needs to let them know how important this issue is for the agriculture industry.
:21 dinneen-veetc-study-4