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Full Text of this Amendment

SA 249. Mrs. FEINSTEIN (for herself, Ms. Collins, and Mr. Webb) submitted an amendment intended to be proposed by her to the bill S. 493, to reauthorize and improve the SBIR and STTR programs, and for other purposes; which was ordered to lie on the table; as follows:


At the end of title V, insert the following:
SEC. 504. ETHANOL ELIGIBLE FOR BLENDER INCOME TAX AND FUEL EXCISE TAX CREDITS.
(a) Income Tax Credit.--Section 40(h) of the Internal Revenue Code of 1986 is amended by adding at the end the following new paragraph:
"(4) ETHANOL ELIGIBLE FOR CREDIT.--In the case of any sale or use for any period after June 30, 2011, this subsection shall apply only to ethanol which qualifies as an advanced biofuel (as defined in section 211(o)(1)(B) of the Clean Air Act (42 U.S.C. 7545(o)(1)(B))).".
(b) Excise Tax Credit.--Section 6426(b) of the Internal Revenue Code of 1986 is amended by adding at the end the following new paragraph:
"(7) ETHANOL ELIGIBLE FOR CREDIT.--In the case of any sale, use, or removal for any period after June 30, 2011, no credit shall be determined under this subsection with respect to an alcohol fuel mixture in which any of the alcohol consists of ethanol unless the ethanol qualifies as an advanced biofuel (as defined in section 211(o)(1)(B) of the Clean Air Act (42 U.S.C. 7545(o)(1)(B))).".
(c) Effective Date.--The amendments made by this section shall apply to any sale, use, or removal for any period after June 30, 2011.
SEC. 505. ETHANOL TARIFF-TAX PARITY.
Not later than 30 days after the date of the enactment of this Act, and semiannually thereafter, the President shall reduce the temporary duty imposed on ethanol under subheading 9901.00.50 of the Harmonized Tariff Schedule of the United States by an amount equal to the reduction in any Federal income or excise tax credit under section 40(h), 6426(b), or 6427(e)(1) of the Internal Revenue Code of 1986 and take any other action necessary to ensure that the combined temporary duty imposed on ethanol
under such subheading 9901.00.50 and any other duty imposed under the Harmonized Tariff Schedule of the United States is equal to, or lower than, any Federal income or excise tax credit applicable to ethanol under the Internal Revenue Code of 1986.
(As printed in the Congressional Record for the Senate on Mar 17, 2011.)