[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[S. 622 Introduced in Senate (IS)]

111th CONGRESS
  1st Session
                                 S. 622

To ensure parity between the temporary duty imposed on ethanol and tax 
                      credits provided on ethanol.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             March 17, 2009

Mrs. Feinstein (for herself, Mr. Gregg, Mr. Bingaman, Ms. Collins, Ms. 
 Cantwell, and Mr. Martinez) introduced the following bill; which was 
          read twice and referred to the Committee on Finance

_______________________________________________________________________

                                 A BILL


 
To ensure parity between the temporary duty imposed on ethanol and tax 
                      credits provided on ethanol.

    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 ``Imported Ethanol Parity Act''.

SEC. 2. ETHANOL 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.
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