Detailed Summary

Renewable Fuel Adjustment Act of 2008 - Repeals specified amendments made to renewable fuel program provisions of the Clear Air Act by the Energy Independence and Security Act of 2007, including the renewable fuel standards and related definitions prescribed by such Act.

Requires the President to recommend changes to renewable fuel standards based upon the findings of the National Academy of Sciences (NAS) study of the impact of the renewable fuel program on producers of feed grains, livestock, food, forest products, and energy when the Secretary of Energy submits it to Congress.

Requires the Secretary to enter into an arrangement with NAS to assess the impact of federal and state requirements to use ethanol on such producers and producers of other consumer goods.

Amends the Internal Revenue Code to provide for reductions in the ethanol blender credits for ethanol derived from corn kernels, soybeans, or any other substances that are suitable for human food or livestock feed consumption.

Status of the Legislation

Latest Major Action: 5/22/2008: Referred to House committee. Status: Referred to the Committee on Energy and Commerce, and in addition to the Committee on Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

Points in Favor

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Points Against

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