Senate deal would axe $6 billion ethanol tax credit

Reuters News
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Posted: Jul 07, 2011 11:29 AM
Senate deal would axe $6 billion ethanol tax credit

WASHINGTON (Reuters) - Three U.S. senators have reached a deal to repeal the $6 billion per year ethanol tax credit by the end of July, Senator Dianne Feinstein said.

The deal, which still needs to be passed by Congress, would reduce the federal deficit by $1.33 billion and invest $668 million in technologies that could help get biofuels to market, Feinstein said.

(Reporting by Timothy Gardner)