American Coalition for Ethanol Press Release
Contacts: (605) 334-3381
Ron Lamberty, Vice President / Market Development
Kristin Brekke, Communications Director
http://www.ethanol.org
Sioux Falls, South Dakota (February 2, 2005) – The American Coalition for Ethanol, the Clean Fuels Development Coalition, and the National Ethanol Vehicle Coalition today announced the availability of an Interim Guidance Document on the new Volumetric Ethanol Excise Tax Credit.
The document was prepared as a joint project between the three organizations and finalized at the NEVC annual meeting last week. It will be available electronically on each of the sponsoring organization’s respective websites.
Officials from the three organizations issued a joint statement on the purpose of the document, but stressed the extremely fluid nature of the situation in terms of the development of regulations by the Internal Revenue Service.
“Following our meeting with the IRS, we designed this Brief to assist ethanol producers, blenders, refiners, and farmers by providing an overview of the new tax credits established under the American Jobs Creation Act. Additional information will be provided as IRS finalizes new tax Forms and issues new rules governing ethanol and biodiesel tax credits.”
They stressed, however, that ethanol marketers and blenders should consult their tax advisor to determine the impact of the new fuel tax changes on their specific company or business operation. Since IRS has not issued revised Forms for claiming the ethanol and biodiesel tax credits, or issued rules implementing the new tax changes, the information contained in this document is preliminary, and may be altered by subsequent IRS rulemakings and guidance. Copies of “A Guide to the Volumetric Ethanol Excise Tax Credit” are available online at http://www.ethanol.org/documents/EthanolTaxBrochure2005_000.pdf For further information please contact Douglas Durante, Clean Fuels Development Coalition; Phil Lampert, National Ethanol Vehicle Coalition; Ron Lamberty, American Coalition for Ethanol.
Clean Fuels Development Coalition
National Ethanol Vehicle Coalition
American Coalition for Ethanol
The American Coalition for Ethanol (ACE) is the grassroots voice of the U.S. ethanol industry. ACE is a national, non-profit organization of more than 700 members in 41 states, including farmers, ethanol producers, commodity organizations, businesses supplying goods and services to the ethanol industry, rural electric cooperatives, and individuals supportive of increased production and use of ethanol. For more information about the organization or about ethanol, visit ACE on the Web at http://www.ethanol.org or call (605) 334-3381.
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