Spencer, IA: (Apr. 03, 2014) – In Washington, the Senate Finance Committee is debating an amendment that would reinstate tax incentives for two years for biodiesel and other advanced biofuels, according to Iowa Senator Tom Harkin.
Harkin told reporters during a weekly conference call that the original proposal by Committee Chair Ron Wyden did NOT include a renewal of the biodiesel tax credit but after conferring with his staff, he corrected himself.
The biofuels incentives include:
• The $1 per gallon tax credit for biodiesel and renewable diesel.
• The second-generation biofuel producer credit, which allows $1.01 per gallon credit for qualified second-generation biofuel production, including cellulosic biofuel.
The senate will also consider extending the special depreciation allowance for second-generation biofuel plant property – considered essential to the development of the advanced biofuels industry – according to Harkin.
Harkin told reporters that the Finance Committee is debating 92 amendments to the so-called “Extenders Bill.” He said there appears to be strong bipartisan support for the bill.
Action on a final deal with the House, however, is not expected until after the November elections.