National Farmers Union (NFU) President Roger Johnson issued the following statement regarding the agreement by Sen. Amy Klobuchar (D-N), Sen. John Thune (R-SD), and Sen. Dianne Feinstein (D-CA), to repeal the Volumetric Ethanol Excise Tax Credit (VEETC) while reducing the deficit and continuing investments in renewable fuels:
“Sens. Klobuchar, Thune and Feinstein have created a sensible plan to reduce the deficit and continue investing in renewable fuel infrastructure. NFU has long maintained that such investments are necessary in order to ensure that ethanol is on a level playing field with oil and to provide consumers greater choice at the pump.
“The agreement also extends the tax credit for cellulosic biofuels through 2015, which is critical to ensuring long-term investments in the next generation of renewable fuels. We must make sure that next generation biofuels are properly funded so we can continue down the path of energy independence.
“The agreement also reduces the deficit by $1.3 billion. Agriculture, like other sectors, must do its part to help put our country back on sound financial footing. This is just one of many ways in which agriculture is helping to decrease the deficit.”