Photo by Yandle. Licensed under Creative Commons license 2.0.

President Bush vetoed the five-year, $289 billion Farm Bill today, saying it was too expensive in the current economic climate. Congress passed the bill by wide margins last week, and, as Bloomberg notes, a veto override is likely. So, what does this have to do with us here on AutoblogGreen? Biofuels, natch.

As the Des Moines Register notes, the Farm Bill has a lot to say about non-food crop ethanol. For one thing, there is a $1.01 per gallon tax credit for cellulosic ethanol (I'm sure Mascoma, Coskata, and other cellulosic ethanol pioneers are happy to hear that). The current 51 cent subsidy on each gallon of corn ethanol will drop to 45 cents. Second, relatedly, the 54-cent-per-gallon tariff on ethanol imports will remain through 2010. Third, farmers who collect biomass to be used to make ethanol will get a $45 subsidy for each ton they collect (there is a two-year limit on earning this subsidy). Fourth, there is money set aside for biomass research ($118m, to be exact).

[Source: Des Moines Register]

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