NBB supports biodiesel excise tax credit incentive
Mar 16, 2007 11:27 AM
The National Biodiesel Board (NBB) is supporting recently introduced Senate legislation to extend the federal excise tax credit and income tax credit for biodiesel to 2017, according to NBB information.
If the legislation is adopted, it would continue the era of growth in the biodiesel industry that similar legislation launched when it became law in 2004, and additional tax revenues from biodiesel production will more than pay for the federal tax incentives provided to the industry, NBB said.
NBB praised the efforts of Senators Blanche Lincoln (D-AR) and Norm Coleman (R-MN), who sponsored the action.
Congress passed the original biodiesel tax incentive October 10, 2004, as part of legislation known as the American JOBS Creation Act of 2004. In that year, the US biodiesel industry had 22 plants with a capacity to produce 157 million gallons of fuel. Today, the industry has added new energy-producing capabilities and grown more than four-fold, with 105 plants capable of producing 864 million gallons of biodiesel in locations from coast to coast. More than 1,000 pumps offer biodiesel across the nation today, about 500 of which are truck-accessible. About 1,800 petroleum distributors carry biodiesel blends, according to NBB.
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