Senate Repeals Ethanol Tax Credit

    A close up of the fuel port of Kurt Busch's Shell / Pennzoil Dodge during Subway Fresh Fit 500 NASCAR auto race at Phoenix International Raceway in Avondale, AZ. NASCAR has switched to ethanol fuel for 2011.

    Josh Holmberg / Cal Sports Media / AP Images

    A bipartisan group of senators voted 73-27 to support the end of a $6 billion tax credit for ethanol producers. The subsidy gives producers a tax credit of 45 cents per gallon when they blend ethanol into gasoline, and it has reportedly driven up the price of corn. Although the House will not vote on the legislation, which makes the vote more symbolic, 33 Republicans voted in favor of the measure, and Democrats say that will make it harder for Republicans to argue that they are against raising taxes during budget talks.

    Read it at The Wall Street Journal