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Ag News
Biodiesel Tax Credit Extension Introduced in House
North Dakota Representative Earl Pomeroy has introduced legislation to provide long-term stability to the biodiesel market. Pomeroy’s bill, H.R. 4070, will extend the one-dollar per gallon biodiesel tax credit for five years and update the credit to streamline the processing of it. The biodiesel tax credit is set to expire on December 31, 2009. Pomeroy believes that - by providing a five year extension of the tax credit we will provide the opportunity for this homegrown fuel to grow and expand its foothold in the marketplace. Without this credit, biodiesel is at a significant competitive disadvantage with petroleum diesel. It is likely, according to Pomeroy that production and consumption of biodiesel will decrease dramatically, or possibly cease altogether, without an extension of this important credit. A multi-year extension will provide the certainty and stability needed to allow producers and investors to make long-term planning decisions about biodiesel production.
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- © 2008 Rural Radio Network. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.