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Biodiesel tax credit situation still unresolved
The biodiesel tax credit situation is still unresolved.
Several attempts by the Senate to pass a tax extenders package have failed to get the 60 votes need to proceed. Most of those Senators who opposed the package cite the fact that a significant level of the cost was not offset with cuts or savings and thus would add to the federal deficit. The biodiesel tax credit and other tax credits were fully offset, but an unemployment benefits extension and some other items were not offset.
The American Soybean Association says it will make every effort to revive the tax extenders bill or have the biodiesel credit included in any other measure that moves forward. One possibility is a potential energy bill that could move in the Senate in late July.
ASA continues to encourage its members to contact their Congressional representatives on the importance of extending the biodiesel tax credit
Biodiesel was a flawed plan. You can not base a business model on a tax credit. Most biodiesel plants are shut down or went into bankruptcy. You can not grow enough terrestrial crops for fuel without affecting the food channel.
Heard the NBB lost their funding from the American Soybean Association.