Biodiesel Credit Gets New Life
It looks like the federal biodiesel tax credit that expired at the end of last year could have new life.
An extension of the $1-a-gallon blenders credit has been attached to the new, $150 billion American Workers, State and Business Relief Act, introduced by Senate Majority Leader Harry Reid (D-Nev.) and Sen. Max Baucus (D-Mont.). Biodiesel Magazine reports that the measure could come to a vote this week:
Biodiesel producers have watched hopefully and helplessly as a tax credit “extender” has been included now in four different pieces of legislation since last fall. For the time being, the industry remains a ringside spectator.
One Biodiesel Magazine source said the fact that some players in the biodiesel industry were “double-dipping” in 2007 and 2008 by taking the $1 per gallon federal excise tax credit for methyl ester blending, then shipping the fuel to Europe to cash in on additional subsidies, has caused a “public relations issue.”
It’s interesting that the biodiesel credit was too expensive of a provision when it was a bi-partisan measure from Baucus and Republican Sen. Charles Grassley from Iowa. Now, that Reid has his name attached, it is suddenly affordable. Hmmmm…
3 Comments »
Mike
As a former Democrat, and former Nevada resident, it sickens me the way political games are continually played in Washington, especially when my current job is in the biodiesel industry. So Reid says no to the jobs bill because it was authored by a Republican, and then pens his own bill to include the credit. I bet the Repubs will try to block it in the fashion that all political games are played. Imagine how much better things could be if the elected officials actually voted the way their constituants wanted them to vote, rather the way the party demands them to vote,
Dick
I wish all these clowns would lose there jobs, their bank accounts, their excellent insurance, and pensions, and see how the rest of us live. One way to for sure fix social security is take away the politicians pensions and give them social security when they retire.
I’m in the biodiesel industry also, and if the earlier bill would have passed, their wouldnt have been any lay offs here.
Cyrano54
Mike,
Sorry to say, its time to find another industry to be in. Your biodiesel industry is 75% overbuilt in capacity and currently only can doggy paddle with a mandate and a 1 dollar tax incentive. If it were any other industry like the pet rock, it would be a novelty.
Comments RSS feed — TrackBack URI
Leave a Comment