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Congressional Record References

Bill Summary & Status

S 2762 IS

To encourage the use of indigenous feedstock from the Caribbean Basin region with respect to ethyl alcohol for fuel use.

July 22, 2004

Mr. GRASSLEY (for himself and Mr. COLEMAN) introduced the following bill; which was read twice and referred to the Committee on Finance

To encourage the use of indigenous feedstock from the Caribbean Basin region with respect to ethyl alcohol for fuel use.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. ETHYL ALCOHOL FOR FUEL USE.

(a) IN GENERAL- Subparagraph (B) of section 423(c)(3) of the Tax Reform Act of 1986 (19 U.S.C. 2703 note) is amended to read as follows:

`(B) The local feedstock requirement with respect to any calendar year is--

`(i) 0 percent with respect to the base quantity that is entered;

`(ii) 30 percent with respect to the 35,000,000 gallons of dehydrated alcohol and mixtures entered in excess of the base quantity; and

`(iii) 50 percent with respect to all dehydrated alcohol and mixtures entered after the amount specified in clause (ii) is entered.'.

(b) BASE QUANTITY- Clause (i) of section 423(c)(3)(C) of the Tax Reform Act of 1986 (19 U.S.C. 2703 note) is amended to read as follows:

`(i) The term `base quantity' means, with respect to dehydrated alcohol and mixtures entered during any calendar year--

`(I) 90,000,000 gallons in the case of dehydrated alcohol and mixtures produced in a distillation facility located in a beneficiary country that was established before, and in operation on July 1, 2004; and

`(II) 0 gallons in the case of dehydrated alcohol and mixtures produced in any other distillation facility located in a beneficiary country.'.

(c) EFFECTIVE DATE- The amendments made by this section shall apply to calendar years beginning after 2004.

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