New Legislative Efforts to Restore Biodiesel Tax Credit
WASHINGTON - The House Ways and Means Committee last week released a draft of a bill containing an extension of the biodiesel tax credit for 2011, Biodiesel Magazine reported.
The legislation, the Domestic Manufacturing and Energy Jobs Act of 2010, would re-instate for 2011 the per-gallon tax credits and outlay payments for biodiesel and renewable diesel. The plan's cost is estimated at $1.108 billion over 10 years.
However, the House isn't expected to consider the bill before its August recess.
Meanwhile, Senator Blanche Lincoln (D-Ark.) has proposed an amendment to the Senate Small Business Bill that would retroactively extend the biodiesel tax credit through Dec. 31 of this year. Representatives of both parties are still negotiating the specifics of the bill, though. It's not clear whether the bill will reach the Senate floor for a vote before the August recess, the magazine reported.
Last month, the biodiesel industry expressed disappointment that the energy package outlined by Sen. Harry Reid contained no biodiesel tax incentive extension.