Volumetric Ethanol Excise Tax Credit Repeal Act

Volumetric Ethanol Excise Tax Credit Repeal Act - Amends the Internal Revenue Code to provide for the immediate repeal (the current expiration date is December 31, 2011) of the income and excise tax credits for alchol fuel mixtures (ethanol).

[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[S. 520 Introduced in Senate (IS)]

112th CONGRESS
  1st Session
                                 S. 520

          To repeal the Volumetric Ethanol Excise Tax Credit.


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                   IN THE SENATE OF THE UNITED STATES

                             March 9, 2011

Mr. Coburn (for himself and Mr. Cardin) introduced the following bill; 
     which was read twice and referred to the Committee on Finance

_______________________________________________________________________

                                 A BILL


 
          To repeal the Volumetric Ethanol Excise Tax Credit.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Volumetric Ethanol Excise Tax Credit 
Repeal Act''.

SEC. 2. REPEAL OF VEETC.

    (a) Elimination of Excise Tax Credit or Payment.--
            (1) Section 6426(b)(6) of the Internal Revenue Code of 1986 
        is amended by striking ``December 31, 2011'' and inserting 
        ``the date of the enactment of the Volumetric Ethanol Excise 
        Tax Credit Repeal Act)''.
            (2) Section 6427(e)(6)(A) of such Code is amended by 
        striking ``December 31, 2011'' and inserting ``the date of the 
        enactment the Volumetric Ethanol Excise Tax Credit Repeal 
        Act''.
    (b) Elimination of Income Tax Credit.--The table contained in 
section 40(h)(2) of the Internal Revenue Code of 1986 is amended--
            (1) by striking ``2011'' and inserting ``the enactment date 
        of the Volumetric Ethanol Excise Tax Credit Repeal Act'',
            (2) by adding at the end the following:


``After such enactment date...............  zero.............  zero''.
 

    (c) Repeal of Deadwood.--
            (1) Section 40(h) of the Internal Revenue Code of 1986 is 
        amended by striking paragraph (3).
            (2) Section 6426(b)(2) of such Code is amended by striking 
        subparagraph (C).
    (d) Effective Date.--The amendments made by this section shall 
apply to any sale, use, or removal for any period after the date of the 
enactment of the Act.
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