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Tax bill to extend 45-cent ethanol credit one year: sources

WASHINGTON (Reuters) - A tax-cut bill in the Senate will extend the 45-cent a gallon ethanol tax credit -- the major subsidy for the biofuel -- for one year, said two ethanol industry sources on Thursday.

Without congressional action, the ethanol credit will expire on Dec 31, along with a 54-cent tariff on ethanol imports. The sources spoke ahead of release of the bill, expected later in the day.

Reporting by Charles Abbott; Editing by David Gregorio

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