Biodiesel Tax Incentive is Extended

Blenders credit will run through 2009.

On Thursday, the House Ways and Means Committee approved the Energy and Tax Extenders Act of 2008. The legislation extends the biodiesel tax incentive until Dec. 31, 2009; provides a $1 per gallon incentive for all biodiesel regardless of feedstock; closes a loophole allowing foreign biodiesel to claim U.S. tax credits before shipping to another country; and defines tax benefits available to co-processed renewable diesel.

"I would like to thank Chairman (Charles) Rangel (D-N.Y.) and the members of the Ways and Means Committee for extending and improving the biodiesel tax incentive," said Joe Jobe, CEO of the National Biodiesel Board. "The biodiesel tax incentive is working, and the committee's decision to support biodiesel will help our industry improve America's energy independence by displacing foreign petroleum with clean-burning, domestically produced fuel."

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