Coats Statement on Eliminating the Ethanol Tax Credit

“Eliminating the ethanol tax credit and putting a sensible transition in place will save taxpayers money and help bring down the deficit.”

WASHINGTON, DC – Senator Dan Coats (R-Ind.) today issued the following statement regarding the Senate votes to eliminate the ethanol tax credit:  

“Our country is spending beyond its means and tough decisions need to be made. Eliminating the ethanol tax credit and putting a sensible transition in place will save taxpayers money and help bring down the deficit.

“I am disappointed the Senate Democratic leadership prevented us from debating an alternative proposal that would end the ethanol tax credit while putting in place a path forward for the industry to continue its effort to lower gas prices and reduce our dependence on foreign oil.

“Before my return to the Senate in January, Congress committed to extend the ethanol tax credit through the end of this year. Hoosier farmers and biofuel producers planned and invested according to this commitment, and Congress should not pull the rug out from under these businesses without a responsible transition.”

The current ethanol tax credit is set to expire at the end of the year. Coats voted against the Coburn-Feinstein amendment and the McCain amendment to immediately end the ethanol tax credit without a transition process. Coats said he will be working with other members of the Senate to pass the Ethanol Reform and Deficit Reduction Act as an alternative. Click here for more information on this alternative proposal. 

Earlier today, Senator Coats spoke on the Senate floor regarding the ethanol tax credit. Click here or on the image below to watch Coats’ speech.

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