S 520

112th CONGRESS
1st Session

S. 520

To repeal the Volumetric Ethanol Excise Tax Credit.

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

END