The Senate Finance Committee has approved the Heartland, Habitat, Harvest and Horticulture (4-H) Act of 2007… a measure containing energy tax provisions considered very important to continue the integration of the biodiesel industry into the domestic energy supply. Those measures include an extension of the federal biodiesel tax incentive, that is set to expire at the end of 2008, through December 31, 2010. It also includes an extension of the Biodiesel Small Producer Tax Credit through 2012.
The approval won the praise of the National Biodiesel Board:
“Extension of the biodiesel tax incentive is vital to our industry,” noted NBB CEO Joe Jobe. “The U.S. biodiesel industry appreciates the Senate Finance Committee’s leadership in recognizing the valuable role biodiesel can play in reducing our dependence on foreign oil in an environmentally friendly way. Extending the biodiesel tax incentive as included in this bill will support the growth of a stable biodiesel industry and allow American biodiesel producers to compete for global demand while ensuring that only quality fuel is sold in the U.S. market.”