Biodiesel Tax Incentive Included in Senate Energy Bill

[RenewableEnergyAccess.com] The U.S. Senate Committee on Finance included an extension of the federal biodiesel tax incentive through 2010 in the broad energy bill under debate in Congress. Unless Congress passes an extension, the current biodiesel tax incentive, which took effect on January 1, 2005, will expire on December 31, 2006. The excise tax credit for biodiesel blends amounts to a penny per percentage point of “agribiodiesel,” such as that made from soybean oil, and a half-penny per percentage for biodiesel made from other sources, like recycled cooking oil. It will lower the cost of biodiesel to consumers in taxable and tax exempt markets, thus encouraging greater use. The House has already passed their version of the Energy Bill. The Senate is debating their version over the course of next few weeks — maybe more.
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