Bill Could Renew Biodiesel Credit
The $1-a-gallon tax credit that biodiesel now enjoys… but is set to expire at the end of this year… could have new life if a new piece of legislation makes it through Congress this year.
According to the Northwest Arkansas News, Sen. Blanche Lincoln (D-Ark.) has introduced legislation that will promote several renewable energy options, including the biodiesel credit:
Lincoln said she introduced legislation to do the following:
· Provide parity in the value of the credit for all renewable energy resources, increasing the value of the credit to full credit level for those resources that now get only a partial credit;
· Encourage innovation and entrepreneurship through alternative energy and conservation incentives; and
· Allow electricity from biomass used on-site to qualify for a tax credit – the Renewable Electricity Production Tax Credit.
Alternative energy sources, such as biomass and biofuels, offer job-creation opportunities for new and expanding small businesses, and she is pushing for incentives to help build a strong alternative-energy industry in the state
The article goes on to say that Lincoln feels these incentives are necessary to sustain the renewable fuels market.
1 Comment »
bob neuberger
i think this is fantastic, but it needs to be done quickly, because biodiesel producers are falling by the wayside. if this country wants to become less dependent on foreign oil then our government needs to show and prove it. lip service is not helping anyone right now in alternative fuel.
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