Agricultural News
National BioDiesel Board Hails House Passage of Biodiesel Tax Incentive
Fri, 28 May 2010 14:05:26 CDT
Today, the U.S. House of Representatives passed the American Jobs and Closing Tax Loopholes Act, legislation that among other things retroactively extends the biodiesel tax incentive through December 31, 2010. The measure passed the House by a 215 to 204 margin.
"The National Biodiesel Board (NBB) is pleased that the House has finally passed the biodiesel tax credit," stated Manning Feraci, Vice President of Federal Affairs. "Since the tax incentive's inception six years ago, the biodiesel industry has created tens of thousands of green jobs, added $4.1 billion to the nation's GDP and generated $828 million in tax revenue for federal, state and local governments. However, since the incentive has lapsed the industry has shed thousands of jobs, shuttered plants and is struggling to survive. Timely reinstatement of biodiesel tax incentive will undoubtedly reverse this troubling trend and allow the industry to create over 12,000 new jobs in this year alone."
Biodiesel is the only domestically produced, commercial scale Advanced Biofuel that is readily available and accepted in the marketplace. The biodiesel tax incentive makes biodiesel price competitive with the diesel fuel produced by petroleum companies an industry that has received billions of dollars in taxpayer support over the previous decades.
"There are compelling economic, energy security and environmental benefits associated with displacing petroleum with clean-burning, domestically produced biodiesel. Common sense dictates that the Senate should act swiftly upon their return from the Memorial Day recess and extend this effective public policy." Feraci concluded.
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