Biodiesel and wind tax incentives approved
With passage of legislation by the House and Senate to avoid the year-end “fiscal cliff,” the American Soybean Association (ASA) welcomed the provision in the law that extend the biodiesel tax incentive, and the American Wind Energy Association (AWEA) praised inclusion of the long-sought extension of wind energy tax credits.
“With regard to the biodiesel tax incentive, the extension of the dollar-per-gallon credit retroactive to 2012 and through 2013 is a significant win for the burgeoning biodiesel industry, an important market for soybean growers. More than half of all biodiesel produced in the U.S. uses the oil from American-grown soybeans as a feedstock, which helps to grow our domestic fuel supply and creates soy meal as a byproduct, providing protein-rich animal feed for livestock, poultry and aquaculture,” reported ASA president and Canton, Miss.-based farmer Danny Murphy.
He applauded the extension of the biodiesel tax incentive as helping provide some certainty for farmers going forward.
All those associated with wind energy celebrated the continuation of policies expected to save up to 37,000 jobs and create far more in the future, and to revive business at nearly 500 manufacturing facilities across the country. The extension of the wind energy Production Tax Credit (PTC), and Investment Tax Credits for community and offshore projects, will allow continued growth of the energy source that installed the most new electrical generating capacity in America last year, with factories or wind farms in all 50 states, explained the AWEA.
The approved version includs all wind projects that start construction in 2013. Companies that manufacture wind turbines and install them sought that definition to allow for the 18-24 months it takes to develop a new wind farm.