The battered biodiesel industry is holding its breath as the long awaited renewal of the tax incentive for the biofuel inches closer to becoming law.
The U.S. House of Representatives voted by a 277 to 148 margin to approve H.R. 4853, the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010. The legislation, which reflects the framework of the tax agreement reached by President Obama and Congress, retroactively extends the biodiesel tax incentive through 2011. The bill will now be sent to the President for signature.
“Reinstatement of the biodiesel tax credit is welcome news for the U.S. biodiesel industry and good news for the nation as a whole,” said Manning Feraci, NBB Vice President of Federal Affairs. “This will undoubtedly help kick-start the domestic biodiesel industry, lessen our dependence on foreign oil, and create thousands of new jobs across the country.”
Biodiesel is a commercially viable, renewable, low carbon diesel replacement fuel that is widely accepted in the marketplace.… Continue readingRead More »