A bill to amend the Internal Revenue Code of 1986 to provide incentives for the production of renewable fuels and to simplify the administration of the Highway Trust Fund fuel excise taxes, and for other purposes.
Volumetric Ethanol Excise Tax Credit (VEETC) Act of 2003 - Amends the Internal Revenue Code to establish, for a limited period of time: (1) a biodiesel fuels credit business credit; and (2) as a credit against the gasoline and diesel fuel excise tax, a credit equal to the sum of the alcohol fuel mixture credit plus the biodiesel mixture credit.
Introduced in Senate
Sponsor introductory remarks on measure. (CR S10680-10681)
Read twice and referred to the Committee on Finance. (text of measure as introduced: CR 8/1/2003 S10681-10683)
Committee on Finance. Ordered to be reported with an amendment in the nature of a substitute favorably.
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