The bill, called the Affordable Food and Fuel for America Act, would phase out over five years a $5-billion annual subsidy for gasoline refiners who blend corn-based ethanol into gasoline; eliminate a tariff on imported biofuels and raise funding for the cellulosic biofuel production tax credit.
The tax credit is now $1.01 a gallon through December 31, 2012.
“With the cost of food rising, Congress needs to prioritize the production of second-generation fuels that do not pit our energy security needs against our food security needs,”says Representative Joseph Crowley, a New York Democrat, a co-sponsor of the bill, HR3187.
“In
