Biodiesel tax credit is back

By Luke Geiver | November 17, 2010
Posted Dec. 17, 2010

By a vote of 277 to 148, the U.S. House of Representatives extended tax cuts, continued unemployment benefits and brought the year-long struggle of the biodiesel tax credit to a positive end. The biodiesel tax credit is back. On Friday, Dec. 17, President Barack Obama held a press conference to officially sign H.R. 4853, the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010, into law, and with his signature, the biodiesel and renewable diesel tax credit marred in the political process for all of 2010 will be retroactively reinstated through 2011.

As expected, the National Biodiesel Board supports the bill's passage, pointing to job creation as one of many positive reasons for the reinstatement of the tax credit. "This will undoubtedly help kick-start the domestic biodiesel industry, lessen our dependence on foreign oil, and create thousands of new jobs across the country," according the NBB.

While a group of liberal democrats attempted to alter the bill during the last hours of the House's session on Thursday night, essentially trying to lower the estate tax percentage and the amount of money a couple can pass to their heirs down from $10 million to $7 million, the move was ineffective.

Now, in combination with the required 800 million gallons of biomass-based biodiesel under the 2011 RFS2 and the reinstatement of the tax credit, NBB's vice president of federal affairs, Manning Feraci said, "The U.S. biodiesel industry is poised for a strong 2011, and stands ready to meet the nation's advanced biofuel goals."
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