Biodiesel Tax Credit Extended by Senate

House still has to sign off on bill.

The U.S. Senate, on a vote of 93-2, passed the Renewable Energy and Job Creation Act of 2008. The bill extends for one year the biodiesel tax credit that was set to expire on Dec. 31, 2008. The bill now goes to the House of Representatives.

"The American Soybean Association greatly appreciates the work of the Senate to extend the biodiesel tax credit," said ASA President John Hoffman. "Passage of this legislation to extend the biodiesel tax credit enhances the viability of the U.S. biodiesel industry, which is an important market for U.S. soybean farmers. ASA now urges House members to swiftly pass the measure and send it to the President to be signed into law."

Included in the bill is denial of the tax credit to fuel produced outside the U.S. for consumption in another country. That should stop the 'splash and dash' practice of foreign countries importing fuel, claiming the tax credit and shipping to another country.

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