Senate Passes Biodiesel Tax Credit Extension
WASHINGTON - The U.S. Senate on March 10 restored the $1 a gallon biodiesel tax credit when the legislators voted 62-36 to pass the American Workers, State and Business Relief Act, Biofuels Digest reported.
The legislation (H.R. 4213) provides a one-year retroactive extension of the tax incentive.
However, the House and Senate must still reconcile the differences between their own versions of the bill.
"The domestic biodiesel industry is pleased that that the Senate has approved a retroactive extension of the biodiesel tax incentive," said Manning Feraci, National Biodiesel Board vice president of federal affairs. "The lapse in the biodiesel tax credit has been extremely disruptive to the domestic biodiesel industry, and a retroactive extension of this worthwhile incentive will help America realize the job creation, energy security and environmental benefits associated with biodiesel."