New Farm Bill Ups Cellulosic Ethanol Ante. By Tom Philpott, Grist, May 24, 2008. "Under previous policy, biofuel makers -- both conventional and cellulosic -- benefits from a 51 cent a gallon tax credit conferred on gasoline blenders. Not any more. According to a recent Environmental Law & Policy Center memorandum [PDF, 6 pp] summing up the farm bill's energy title, legislation creates 'new cellulosic biofuels production tax credit for up to $1.01 per gallon, available through 2012.' Meanwhile, it also shaves down the old blenders' credit, known as the volumetric ethanol excise tax credit ('VEETC' or 'blender's credit'), from 51 cents to 45 cents per gallon."
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