Kerry unveils new biodiesel tax extension bill

By Luke Geiver | July 13, 2010
Posted Aug. 9, 2010

The Senate has left for August recess, but the biodiesel tax credit extension is still sweating it out in Washington. While both parties proposed a biodiesel tax amendment as part of the Small Business Bill, party leaders Sen. Harry Reid, D-Nev., and Sen. Mitch McConnell, R-Ky., failed to compromise on the total number of amendments to be put before the Senate, stalling progress on the legislation. The bill had showed bipartisan support, but now the fate of the bill and more importantly the biodiesel tax extension will have to wait until the Senate returns in September.

The delay of the Small Business Bill might not matter, however, as a new piece of legislation recently surfaced to extend the tax credit. Sen. John Kerry, D-Mass., has unveiled a new bill, titled "The Clean Energy Technology Leadership Act of 2010," to provide tax incentives for clean energy manufacturing, renewable energy and conservation.

Kerry's bill will extend the excise tax credit for biodiesel and renewable diesel retroactively for 2010 and through 2012, according to a statement by Kerry's office on the content of the bill. "While we continue to fight to bring comprehensive energy legislation to the floor of the United States Senate, it's essential that we take action to start moving in the right direction," said Kerry. "Providing incentives for clean energy production will drive our economy forward and take us one step closer to reducing our carbon emissions and ending our dependence on foreign oil."

Also included in the bill are provisions to include algae-based fuels in the cellulosic biofuel tax credit, provide $3.5 billion more in clean renewable energy bonds, and a number of other energy efficiency-based incentives.
 
 
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