Thu, Nov 26 2009
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Ethanol mandate is questioned “There’s only so much oil on this earth, but we can grow more corn and we can grow more soybeans,” said Rep. Mike McGhee, R-Odessa.
A 2007 study produced by the Missouri Department of Economic Development estimates that biofuels could generate an additional $542 million in economic activity in the state each year through 2013. That analysis projects state subsidies and tax breaks for the ethanol and biodiesel industries would result in a $14.8 million annual loss in state revenues, but a net gain in Missourians’ personal income of $492 million each year. Urbanchuk said one of those tax credits — the Volumetric Ethanol Excise Tax Credit for suppliers who buy ethanol to blend it into gas before selling it to gas stations — was factored into his economic analysis. But he said it’s impossible to calculate how all the tax breaks and subsidies that go into biofuels and regular gas would affect consumers’ savings by using E-10. —— Ethanol mandate repeal is HB2536 On the Net: Legislature: http://www.moga.mo.gov Missouri Corn Merchandising Council: http://www.mocorn.org 
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