US strides closer to biodiesel subsidy revival
Brick-by-brick the wall standing in the way of biodiesel production is finally being removed.
The US Senate voted 62-36 on Wednesday 12 March to pass a tax bill that included a one-year extension of the $1-a-gallon (€0.72) biodiesel tax credit, retroactive to 1 January.
When the tax credit expired on 31 December profitable biodiesel operations became a distant reality.
The House still must approve the bill or negotiate changes with the Senate before it can go to President Barack Obama for his signature. A spokesman for the House Ways and Means Committee, Matthew Beck, said no decision had been made about what to do with the legislation. The panel has a new chairman, Sander Levin, D-Mich., since the bill was originally written in the House.
‘The lapse in the biodiesel tax credit has been extremely disruptive to the domestic biodiesel industry, and a retroactive extension of this worthwhile incentive will help America realise the job creation, energy security and environmental benefits associated with biodiesel,’ Manning Feraci, VP of federal affairs for the National Biodiesel Board, says.
The US Senate voted 62-36 on Wednesday 12 March to pass a tax bill that included a one-year extension of the $1-a-gallon (€0.72) biodiesel tax credit, retroactive to 1 January.
When the tax credit expired on 31 December profitable biodiesel operations became a distant reality.
The House still must approve the bill or negotiate changes with the Senate before it can go to President Barack Obama for his signature. A spokesman for the House Ways and Means Committee, Matthew Beck, said no decision had been made about what to do with the legislation. The panel has a new chairman, Sander Levin, D-Mich., since the bill was originally written in the House.
‘The lapse in the biodiesel tax credit has been extremely disruptive to the domestic biodiesel industry, and a retroactive extension of this worthwhile incentive will help America realise the job creation, energy security and environmental benefits associated with biodiesel,’ Manning Feraci, VP of federal affairs for the National Biodiesel Board, says.
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