JULY 24TH, 2008 | Harkin for Senate
Senator Harkin announced on Monday that he and Senator Richard Lugar (R-IN) have introduced legislation aimed at helping to efficiently bring ethanol to communities across America. The bipartisan plan gives pipeline owners the same tax benefits they receive for moving petroleum products.
The most efficient mode for transporting liquid biofuels to areas across the Midwest, Plain states, and beyond is by pipeline. However there is a provision in the tax code that blocks Publicly Traded Partnerships (PTP) from moving forward because renewable fuels are not covered as an acceptable method of income generation for PTPs.
The bill that Senator Harkin introduced would change the tax code to state that PTPs can earn “qualified” income from the transport, storage, or marketing of any renewable liquid fuel approved by the Environmental Protection Agency:
“We must seize control of our energy future and shift rapidly and robustly to clean, home-grown sources of energy, including ethanol and other renewable fuels. Our bill makes a simple change to the tax code that meets the demands and realities of the 21st century energy marketplace, removing barriers so that biofuels producers in the Midwest and elsewhere will have an efficient, inexpensive way to transport these renewable fuels to the market. And it will continue to provide relief to consumers getting hit hard with rising fuel costs.” said Harkin.