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Grassley Plans Bill to Tie Ethanol Tax Break to Oil, Group Says

May 4 (Bloomberg) -- U.S. Senator Charles Grassley, an Iowa Republican, plans to introduce legislation that would tie an ethanol tax break to the price of oil, said Matt Hartwig, a spokesman for the Renewable Fuels Association in Washington.

The measure, which Grassley may offer today, would convert the 45-cent credit into a “variable tax credit that would adjust based on the price of oil,” Hartwig said in an e-mail.

A group of Democratic and Republican senators yesterday introduced legislation to repeal the credit, which is estimated to cost $6 billion a year, and a tariff on ethanol imports.

The credit, which helps the corn ethanol industry, is set to expire this year.

To contact the reporter on this story: Jim Snyder in Washington at

To contact the editor responsible for this story: Larry Liebert at

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