After Three Decades, Tax Credit for Ethanol Expires

[ProSense]

After Three Decades, Tax Credit for Ethanol Expires

By ROBERT PEAR

WASHINGTON — A federal tax credit for ethanol expired on Saturday, ending an era in which the federal government provided more than $20 billion in subsidies for use of the product.

<...>

The tax credit, which cost the government nearly $6 billion in 2011, went to gasoline refiners that mixed ethanol with gasoline. The government has promoted ethanol and other biofuels as a way to reduce dependence on imported oil.

Michal L. Rosenoer, a policy analyst with the environmental group Friends of the Earth, said the end of the tax credit showed that “ethanol is no longer a sacred cow.”

“The end of this giant subsidy is a win for taxpayers, the environment and people struggling to put food on the table,” Ms. Rosenoer said. “Production of ethanol, with its use of pesticides and fertilizer and heavy industrial machinery, causes soil erosion and air and water pollution. And it means that less land is available for growing food, so food prices go up.”

http://www.nytimes.com/2012/01/02/business/energy-environment/after-three-decades-federal-tax-credit-for-ethanol-expires.html

[orpupilofnature57]

1. Too bad ,petrol dollars have already cleared

the forest for the 1% ,Imprisoned by 300% and 600% profits.

[FredStembottom]

2. What a long, strange trip it has been.

n/t

[Andy823]

3. Now go after oil subsidies and tax breaks

The big oil companies, who make record profits, also need to lose their subsidies and tax breaks. They make "billions" every year, and break their own records, yet republicans fight to "KEEP" their tax breaks and subsidies. Why? It makes no sense at all, and should prove to every person in this country just how it is that republicans are working for.