North Carolina bill could boost biodiesel

By | July 01, 2004
A bill sitting in the North Carolina legislature may provide a boost to possible biodiesel and ethanol production in that state. House Bill 1636, which would create a state income tax credit for the purchasing, distribution and processing of renewable fuels, passed its second and third readings in the House and moved to the Senate's Committee on Finance on July 1. The bill was supported by all but one vote in the House.
The bill, which would take effect no earlier than Jan. 1, 2005, covers biodiesel "derived from pure virgin soybean oil in a 2 percent minimum blend" and "ethanol or methanol either unmixed or mixed, or in mixtures with gasoline that are 70 percent or more ethanol or methanol by volume."

Renewable fuel distributors would receive a 15 percent credit toward the cost of installation of a pump and storage tank for the fuel. A processor meeting certain requirements would receive a 25 percent credit toward the cost of building a plant. Taxpayers making retail purchases of the fuel would receive a 10 percent credit, capped at $350, toward the yearly cost of the fuel. A similar credit capped at $1,200 affects businesses purchasing the fuel.

The bill's main sponsor, Rep. Joe Tolson, said he "wants to get something on the books to encourage both ethanol and biodiesel plants" in North Carolina.
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