Source: National Biodiesel Board
The U.S. Senate has passed H.R. 4213, the American Workers, State, and Business Relief Act of 2010 by a 62 to 36 margin. Among its provisions, the legislation provides a one year retroactive extension of the biodiesel tax incentive.
The National Biodiesel Board and the American Soybean Association praised the action. "The domestic biodiesel industry is pleased that that the Senate has approved a retroactive extension of the biodiesel tax incentive," noted Manning Feraci, NBB vice president of federal affairs. "The lapse in the biodiesel tax credit has been extremely disruptive to the domestic biodiesel industry, and a retroactive extension of this worthwhile incentive will help America realize the job creation, energy security and environmental benefits associated with biodiesel."
With passage of H.R. 4213, the U.S. House and U.S. Senate must now reconcile the differences between the two versions of the bill approved by the respective chambers. H.R. 4213, as approved by the U.S. House in December 2009, also provides for a one year retroactive extension of the biodiesel tax incentive.
"Congress should move quickly to seek agreement on a final bill that can be passed and signed into law as soon as possible," said ASA President Rob Joslin, a soybean producer from Sidney, Ohio. "ASA urges Congress to enact a retroactive extension of the biodiesel tax credit as soon as possible."