Senate Finance Committee Approves Biodiesel Tax Credit

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The National Biodiesel Board is praising an approval from the Senate Finance Committee to extend a tax package that includes the expired biodiesel tax incentive.

Anne Steckel, vice president of federal affairs for the National Biodiesel Board, said the move was a refreshing display of bipartisan cooperation to get this economy moving again.?

The extension is part of a $205 billion package called the ?Family and Business Tax Cut Certainty Act of 2012.? It will provide a $1 per gallon production tax credit for biodiesel producers.

The bill also approves algae-based fuel for the tax break.

Steckel said the biodiesel tax incentive is a job creator that will get biodiesel producers back to expanding businesses and hiring new employees, and urged the Senate to act on the bill.

?We call on the full Senate to quickly pass this package, and for the House to follow suit so that biodiesel producers can get the certainty they need to begin hiring again.?

According to the bill summary, the proposed legislation will also extend the small agri-biodiesel producer credit of 10 cents per gallon.

According to the National Biodiesel Board, the biodiesel tax incentive was first implemented in 2005 and also expired in 2010. After it was reinstated last year, the biodiesel industry set a new production record of nearly 1.1 billion gallons.

The Senate is expected to vote on the bill in September.

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Tagged: biodiesel, Extension

Article source: http://farmfutures.com/story.aspx/senate-finance-committee-approves-biodiesel-tax-credit-17/62128

Source: http://algaebiodiesel.com/senate-finance-committee-approves-biodiesel-tax-credit

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