Legislation that will extend the Volumetric Ethanol Excise Tax Credit at 45 cents through 2011 and re-instate estate taxes for two years by imposing a 35 percent rate on estates worth more than $5 million for individuals and $10 million for couples became law today when President Obama signed the bill that was passed in the House and the Senate yesterday.
The tax package addresses the biodiesel tax credit, allows 100 percent business expensing in 2011, and extends current income tax rates and AMT relief.
The bipartisan effort speaks well of what the American people can look forward to in the coming session of Congress; Illinois corn farmers hope to work with the Illinois Congressional Delegation on more important bipartisan legislation in the coming year
Please consider taking a moment to contact your Congressman to thank him or her for their positive vote on the bill last night. Those voting in favor were:
Congresswoman Melissa Bean
Congresswoman Judy Biggert
Congressman Danny Davis
Congressman Bill Foster
Congressman Luis Gutierrez
Congresswoman Debbie Halvorson
Congressman Phil Hare
Congressman Tim Johnson
Congressman Dan Lipinski
Congressman Don Manzullo
Congressman Mike Quigley
Congressman Peter Roskam
Congresswoman Jan Schakowsky
Congressman Aaron Schock
Congressman John Shimkus
In other news, nominations are beginning to surface for House committees and Illinois Corn looks with anticipation to see where our newest Congressmen will serve. Watch for more on this next week!
You won't want to miss this important feature on what's coming in the future of the American ethanol industry.Learn More
The 2018 ICGA annual report highlights a myriad of positive action on behalf of corn farmers in Illinois. Check it out and let us know what else we should be working on!Learn More
A recent analysis by the U.S. Grains Council (USGC) shows non-beverage ethanol has been the fastest growing U.S. agricultural export over the past decade by a significant margin.Learn More