The General Accounting Office (GAO) has proposed eliminating the 45-cent-per-gallon ethanol tax credit as a way to reduce government spending. According to the GAO, "The ethanol tax credit was important in helping to create a profitable corn starch ethanol industry when the industry had to fund investment in new facilities, but it is less important now for sustaining the industry because most of the capital investment in corn starch ethanol refineries has already been made." The tax credit, which was approved late last year after contentious Congressional hearings, will cost the U.S. government $5.4 billion this year. Read more...
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