Biodiesel tax insentive extension introduced in U.S. Congress

By | July 01, 2005
The same historic week in mid-May President George W. Bush visited a biodiesel plant-marking the first time any U.S. president has done so-biodiesel champions in the U.S. Senate and House of Representatives introduced bills to extend the federal tax incentive. Sens. Blanche Lincoln, D-Ark., and Jim Talent, R-Mo., are the chief sponsors of the Senate stand-alone bill, which would extend the biodiesel federal excise tax credit to 2010. The existing incentive is scheduled to expire at the end of 2006. Legislation has been included in the Senate Finance

Committee's energy tax package, which will be written by a longtime biodiesel supporter, Chairman Chuck Grassley, R-Iowa.

Extending the tax credit is the biodiesel industry's No. 1 priority in order to maximize its benefits to the United States and to boost investor confidence that the government will make a long-term commitment to seeing biodiesel succeed.
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