Biodiesel benefits as legislation progresses

By | June 17, 2008
Members of Congress announced a bipartisan final agreement on the Farm Bill, reauthorizing the Commodity Credit Corporation (CCC) Bioenergy Program. The CCC program provides support for biodiesel and ethanol producers, helping to offset the costs of feedstocks, thereby ensuring consistent biodiesel production. Eligible biodiesel feedstocks include soybeans, canola, sunflower seed, rapeseed, safflower, flaxseed, mustard and cottonseed as well as fats, oils and greases, among others.

"Over the past year, feedstock costs have doubled, reaching record highs and making it difficult to economically produce biodiesel," said NBB CEO Joe Jobe. "The $300 million provided for the CCC Bioenergy Program in the Farm Bill will help bring some stability to the industry so that biodiesel can continue to add to the nation's fuel supply."

Also, the U.S. House Ways and Means Committee announced approval for H.R. 6049, the Energy and Tax Extenders Act of 2008. Among its many provisions, the legislation extends the biodiesel tax incentive, which is a top priority for the biodiesel industry.

H.R. 6049 contains the following provisions pertaining to biodiesel:
Extends biodiesel tax incentive for one year through Dec. 31, 2009.

Provides $1 per gallon incentive for all biodiesel regardless of feedstock.

Shuts down the abusive "splash-and-dash" loophole that currently allows foreign-produced fuel to enter the United States, claim the biodiesel tax incentive and be shipped to a third country for end use.

Properly defines tax benefits available to co-processed renewable diesel.

The U.S. biodiesel industry stands ready to play a key role in the effort to reduce America's dependence on foreign oil.

"The biodiesel tax incentive is working, and the committee's decision to support biodiesel will help our industry improve America's energy independence by displacing foreign petroleum with clean-burning, domestically produced fuel," Jobe said.
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