Senate Ethanol Vote Signals Ill Wind for Other Energy Subsidies
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The U.S. Senate’s vote to eliminate a tax credit and a tariff that subsidize ethanol production has lawmakers wondering which subsidies may be the next ones targeted.
The ethanol tax credit and tariff won’t end immediately, because the vote yesterday attached the repeal proposal to legislation that isn’t likely to become law. The ethanol tax credit is expected to cost $4.9 billion this year in forgone revenue, according to the congressional Joint Committee on Taxation.