U.S. Senators Call for Action on Biofuels Tax Credit

[RenewableEnergyAccess.com] Eleven U.S. Senators have recently signed a letter in support of the Alternative Fuels Infrastructure Tax Credit that was enacted January 1, 2006. The letter urges Secretary John Snow to expedite the IRS guidance and rulemaking so that the new credit may be used by fuel retailers to install E85 infrastructure. The infrastructure credit provision was included in the Energy Policy Act of 2005 that was signed by President Bush late last summer. The E85 provision of the bill will allow a retailer to receive a 30 percent income tax credit up to $30,000 for infrastructure of the alternative fuel. The U.S. Senators who signed the Snow letter include Illinois Senators Barack Obama and Richard Durbin, Missouri Senator Jim Talent, Indiana Senators Richard Lugar and Evan Bayh, Iowa Senator Tom Harkin, Colorado Senator Ken Salazar, Connecticut Senator Joseph Lieberman, Kansas Senator Sam Brownback, and Minnesota Senators Norm Coleman and Mark Dayton.
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