US extends biodiesel tax credit
Since December 31 2009 the US’ 173 biodiesel plants had almost ceased production following the expiration of the $1-a-gallon (€0.8) biodiesel tax credit.
Now the US House of Representatives has passed a legislation to extend the credit until the end of 2010.
While President Obama cannot sign the legislation into law before it has received approval from the US Senate, a spokesman for the National Biodiesel Board (NBB) Michael Frohlich said: ‘This is a win for the industry. Each step that brings us closer to having the biodiesel tax credit reinstated is a win.’
As required by the RFS2, biodiesel producers, who produce a combined annual supply of 2.7 billion gallons of biodiesel, must blend 1.15 billion gallons of biodiesel with regular fossil fuels throughout 2010.
Now the US House of Representatives has passed a legislation to extend the credit until the end of 2010.
While President Obama cannot sign the legislation into law before it has received approval from the US Senate, a spokesman for the National Biodiesel Board (NBB) Michael Frohlich said: ‘This is a win for the industry. Each step that brings us closer to having the biodiesel tax credit reinstated is a win.’
As required by the RFS2, biodiesel producers, who produce a combined annual supply of 2.7 billion gallons of biodiesel, must blend 1.15 billion gallons of biodiesel with regular fossil fuels throughout 2010.
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