The general public has known this for a while...
Philip Brasher - DESMOINESREGISTER
- March 2, 2011
The ethanol industry doesn't need a subsidy now that refiners are required to use the biofuel, according to the Government Accountability Office, the investigative arm of Congress.
The GAO lists the 45-cent-per-gallon tax credit among wasteful programs that could be slashed or eliminated to help address the nation's fiscal problems.
The tax credit, due to expire at the end of the year, will cost the government $5.4 billion this year, and the lost revenue will grow to $6.75 billion by 2015 if the credit is extended, the GAO said.
The tax credit goes to refiners and other gasoline blenders who are already required under federal law to use growing volumes of ethanol each year.
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