Filed under: Government/Legal, Earnings/Financials
Just days ago, we reported that the United States Senate rejected an amendment that would have put an end to the the $6 billion in tax breaks and subsidies for producers of corn-based ethanol. Now, we're here to convey the message that the Senate actually approved the amendment. Was our initial report inaccurate? Um, no.
On Thursday, the Senate approved an amendment that could wipe out billions of dollars earmarked for the ethanol industry by voting 73-in-favor, 27-against. The amendment, if passed into law, will eliminate the 45-cent-a-gallon subsidy that the U.S. government hands out to producers of the corn-based fuel. The ethanol-related amendment that passed on Thursday will be tacked on to an economic development bill, which will likely face a tough battle in the Senate.
Turning our attention back to that failed amendment on Tuesday, though similar, it's not identical to amendment that passed through the Senate on Thursday.
On a related note, the House of Representatives voted 283-in favor, 128-against to ban the United States Department of Agriculture (USDA) from dishing out funds to support the installation of E85 pumps at gas stations across the U.S.
Senate approves amendment to end ethanol subsidies originally appeared on Autoblog on Fri, 17 Jun 2011 13:45:00 EST. Please see our terms for use of feeds.
Read | Permalink | Email this | CommentsSource: http://www.autoblog.com/2011/06/17/senate-approves-amendment-to-end-ethanol-subsidies/
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