To repeal the tax credits for ethanol blenders, to repeal the tariff on imported ethanol, and for other purposes.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Ethanol Subsidy Repeal Act''.
SEC. 2. REPEAL OF TAX SUBSIDIES FOR ETHANOL BLENDERS.
(a) Income Tax Credit.--Subsection (h) of section 40 of the Internal Revenue Code of 1986 is amended to read as follows: ``(h) Repeal of Credit for Ethanol Blenders.--In the case of any alcohol mixture credit or alcohol credit with respect to any sale or use of alcohol which is ethanol-- ``(1) subsections (b)(1)(A), (b)(2)(A), (d)(3)(A), and (d)(3)(B) shall each be applied by substituting `0 cents' for `60 cents', and ``(2) subsections (b)(3), (d)(3)(A), and (d)(3)(B) shall each be applied by substituting `0 cents' for `45 cents'.''. (b) Excise Tax Credit.-- (1) In general.--Subparagraph (A) of section 6426(b)(4) of such Code (as in effect prior to redesignation by paragraph (2)) is amended-- (A) by striking ``and ethanol'' in the matter preceding clause (i), (B) by striking ``or'' at the end of clause (i), (C) by striking the period at the end of clause (ii) and inserting ``, or'', and (D) by inserting after clause (ii) the following new clause: ``(iii) ethanol.''. (2) Conforming amendments.--Subsection (b) of section 6426 of such Code is amended-- (A) by striking ``the applicable amount and'' in paragraph (1) and inserting ``60 cents multiplied...