House Passes Biodiesel Tax Credit Extension
The House has passed an extension of a federal biodiesel tax incentive through the end of the year.
The House passed the American Jobs and Closing Tax Loopholes Act by a vote of 215 to 204, according to the National Biodiesel Board, which hailed the extension.
The $1-a-gallon biodiesel blending credit, which expired earlier this year, is needed to keep biodiesel competitive with traditional diesel fuels, the NBB said in January. (Click here for previous story.)
“NBB is pleased that the House has finally passed the biodiesel tax credit,” said Manning Feraci, the group’s vice president of federal affairs.
“Since the tax incentive’s inception six years ago, the biodiesel industry has created tens of thousands of green jobs, added $4.1 billion to the nation’s [gross domestic product] and generated $828 million in tax revenue for federal, state and local governments,” he said.
The group urged the Senate to approve the extension when it returns from its Memorial Day recess.
