Biodiesel tax legislation introduced by Peterson, Schock

By Luke Geiver | June 21, 2011

The first biodiesel tax legislation for 2011 has been introduced. U.S. House Agriculture Committee Ranking Member Collin C. Peterson, D-Minn., has been joined by Rep. Aaron Schock, R-Ill., in the introduction of a bill that would not only extend the $1 per gallon credit currently in place until 2014, but also alter the current legislation towards a production excise tax credit, in a bill the co-sponsors have titled the Biodiesel Tax Incentive Reform and Extension Act (H.R. 2238).

Peterson said on the bill that “increasing the production of renewable energy is vital to creating jobs and growing our rural economies.” Adding that, “Unfortunately, by allowing the biodiesel tax credit to lapse, we’ve already witnessed a loss of jobs and production.” Because, as Peterson said, the biodiesel industry is still developing, the certainty of a tax credit can help the industry to “continue to move forward and fully realize our renewable energy potential.”

The sources of the co-sponsored bill should come as no surprise from either sponsor. Schock, who says he is a “strong supporter of the Renewable Fuels Standard, which will help grow our domestic supply of fuels such as ethanol and biodiesel,” has also said that “the more American grown energy that we can produce, the better.”

Text of the legislation was not available at press time.

 
 
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