BioFuels Security Act
Encyclopedia
The BioFuels Security Act is a proposed legislative Act of Congress
intended to phase out current single-fueled vehicles in favor of flexible-fuel vehicle
s. Under this proposal, contemporary single-fuel vehicles would cease production in 2016.
(on behalf of himself, and Senators Richard Lugar, Tim Johnson, Byron Dorgan
, Joe Biden
and Barack Obama
) , introduced this bill
(S. 2817/109th) on March 16, 2006. This bill is still under consideration.
), and for 50 percent of their gasoline stations to extend and increase the Renewable Fuel Standards (RFS). To assist in this increase in FFVs, all major gas companies would be required to have 50 percent ethanol distribution tanks equipped to all their facilities. Gasoline companies would receive tax credit
s for meeting the requirements of distributing and changing pumps to ethanol (an increase from a 30 percent reduction to that of a 50 percent reduction).
Act of Congress
An Act of Congress is a statute enacted by government with a legislature named "Congress," such as the United States Congress or the Congress of the Philippines....
intended to phase out current single-fueled vehicles in favor of flexible-fuel vehicle
Flexible-fuel vehicle
A flexible-fuel vehicle or dual-fuel vehicle is an alternative fuel vehicle with an internal combustion engine designed to run on more than one fuel, usually gasoline blended with either ethanol or methanol fuel, and both fuels are stored in the same common tank...
s. Under this proposal, contemporary single-fuel vehicles would cease production in 2016.
Only a Bill
Senator Tom HarkinTom Harkin
Thomas Richard "Tom" Harkin is the junior United States Senator from Iowa and a member of the Democratic Party. He previously served in the United States House of Representatives ....
(on behalf of himself, and Senators Richard Lugar, Tim Johnson, Byron Dorgan
Byron Dorgan
Byron Leslie Dorgan is a former United States Senator from North Dakota and is now a senior policy advisor for a Washington, DC law firm. He is a member of the North Dakota Democratic-NPL Party, the North Dakota affiliate of the Democratic Party. In the Senate, he was Chairman of the Democratic...
, Joe Biden
Joe Biden
Joseph Robinette "Joe" Biden, Jr. is the 47th and current Vice President of the United States, serving under President Barack Obama...
and Barack Obama
Barack Obama
Barack Hussein Obama II is the 44th and current President of the United States. He is the first African American to hold the office. Obama previously served as a United States Senator from Illinois, from January 2005 until he resigned following his victory in the 2008 presidential election.Born in...
) , introduced this bill
Bill (proposed law)
A bill is a proposed law under consideration by a legislature. A bill does not become law until it is passed by the legislature and, in most cases, approved by the executive. Once a bill has been enacted into law, it is called an act or a statute....
(S. 2817/109th) on March 16, 2006. This bill is still under consideration.
Biofuels
The bill would also require major US gasoline companies to carry E-85 renewable fuel (85 percent ethanolEthanol
Ethanol, also called ethyl alcohol, pure alcohol, grain alcohol, or drinking alcohol, is a volatile, flammable, colorless liquid. It is a psychoactive drug and one of the oldest recreational drugs. Best known as the type of alcohol found in alcoholic beverages, it is also used in thermometers, as a...
), and for 50 percent of their gasoline stations to extend and increase the Renewable Fuel Standards (RFS). To assist in this increase in FFVs, all major gas companies would be required to have 50 percent ethanol distribution tanks equipped to all their facilities. Gasoline companies would receive tax credit
Tax credit
A tax credit is a sum deducted from the total amount a taxpayer owes to the state. A tax credit may be granted for various types of taxes, such as an income tax, property tax, or VAT. It may be granted in recognition of taxes already paid, as a subsidy, or to encourage investment or other behaviors...
s for meeting the requirements of distributing and changing pumps to ethanol (an increase from a 30 percent reduction to that of a 50 percent reduction).