Dec 17, 2010  |  Today's News |  Ethanol |  Legislation & Regulation

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!