Congress Cuts Key Ethanol Tax Credit in Farm Bill. By James Politi, FT, April 26, 2008. "Congressional negotiators on Friday reached a tentative agreement on the farm bill, potentially ending months of deadlock over U.S. agricultural policy amid record profits by farmers and mounting concerns over rising food prices. The proposed legislation, whose final details will be unveiled next week and still face the possibility of a White House veto, will cost $280 billion over five years and largely preserves an extensive programme of subsidies to U.S. farmers. Under the terms of the deal reached by House and Senate negotiators, a key ethanol tax credit is expected to be reduced from 51 cents per gallon to 45 and the tariff on ethanol imports from outside the US is also expected to be scaled back. In addition, negotiators broadly agreed on an additional $10 billion in funding for national food aid programmes, designed to tackle the threat posed by rising food prices in the US and address fears that millions of poor Americans risk going hungry."
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