Senate extenders bill includes $1 per gallon biodiesel tax credit
After seven months of being out of play, the $1 per gallon U.S. biodiesel tax credit is included in legislation scheduled for markup Aug. 2 by the Senate finance committee.
The "Family and Business Tax Cut Certainty Act of 2012” proposes to reinstate the biodiesel tax credit (including the renewable diesel credit) retroactive back to Jan. 1, 2012, the day after it expired, through Dec. 31, 2013. If successful, this would be a victory for those who have pushed hard the past few years for a multiyear extension of the credit, including the National Biodiesel Board.
“It’s clearly just one step in the process,” said Mark Palmer, senior director of government issues at Washington, D.C.-based law firm Van Ness Feldman P.C., “but I think the fact that biofuels are part of the conversation is a good thing.”
The proposal also aims to expand the $1.01 cellulosic biofuel tax credit to include fuel produced from algae.