Today, Taxpayers for Common Sense along with the Grocery Manufacturers Association held a briefing on the “Impacts and Future of the Corn Ethanol Tax Credit.”

Also in attendance is Iowa State University economist Bruce Babcock.

Congress must decide whether or not to extend the tax credit, which cost taxpayers roughly $6 billion a year. The corn ethanol tax credit is set to expire on December 31, 2010.

Policy Briefs:

1. National Resources Defense Council “Let the VEETC Expire: Moving Beyond Corn Ethanol Means Less Waste, Less Pollution and More Jobs”

2. Center for Agricultural and Rural Development (Bruce Babcock) “Impact on Ethanol, Corn, and Livestock from Imminent U.S. Ethanol Policy Decisions”

TCS previously met with the Grocery Manufacturers Association, along with a diverse collection of environment groups, business associations, and budget watchdog groups in October.  The coalition hosted a conference call with members of the media to discuss federal subsidies for biofuel production and opposition to recent proposals regarding current corn-based ethanol subsidies.

Further Information:

1. The Volumetric Ethanol Excise Tax Credit: History and Current Policy

2. Green Scissors 2010 Report