MEDIA ROOM / MEDIA RELEASES
    November 16, 2010

    WBIA Calls on Congress to Extend Important Tax Credit for Wisconsin's Bio Industry

    Contact: Joshua Morby - 414.344.1733

    MILWAUKEE – As the U.S. Congress returns to Washington, D.C. for a lame duck session to act on unfinished business, the Wisconsin Bio Industry Alliance today called on lawmakers to extend an important tax credit for Wisconsin’s bio industry that is set to expire at the end of the year.  

    The Volumetric Ethanol Excise Tax Credit (VEETC) provides blenders and marketers of fuel with a federal tax credit of 45 cents on each gallon of ethanol blended with gasoline. It helps all ethanol producers by spurring demand and investment for all types of ethanol.

    “The bio industry in Wisconsin contributes over $1 billion to our local economy and employs hundreds of people throughout the state,” said Joshua Morby, Executive Director of the WBIA.  “This tax credit is vital to a strong future for Wisconsin’s bio industry, and Congress must act quickly to extend it before it expires at the end of the year.”

    According to a study released earlier this year by the University of Missouri, if the VEETC tax credit and other ethanol tax credits are not extended, within three years Wisconsin would lose over 13,000 jobs and nearly $2.4 billion in economic output as a result of direct and indirect damage to the state ethanol industry. 

    “This is an outcome we cannot afford to let happen,” said Morby. “We hope Congress will take action to prevent these crippling job losses from occurring.”

    Wisconsin-made biofuels are working to reduce our dependency on foreign oil and increase our nation’s energy security.  The VEETC has been a major factor behind the increase in ethanol production and use of ethanol-blended fuels in recent years. 

    The Wisconsin Bio Industry Alliance is a diverse group of businesses, environmental groups and statewide and local organizations that have come together to build both public and legislative awareness of the Bio Industry in Wisconsin.
     
    For more information about the Alliance, or to find out how to join, please visit our website: http://www.wisconsinbioindustry.com.  

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