U.S. Senate Committee Passes $29.0B Energy Tax Package Bill

WARWICK, N.Y. (DTN) -- In a vote of 12-6 Tuesday, the United States Senate Finance Committee passed an energy tax package that seeks $28.5 billion in incentives for renewable and alternative energy. Called the Energy Advancement and Investment Act of 2007, the tax package extends previously existing subsidies, while introducing a credit for cellulosic ethanol production.

The measure provides a credit of up to $1.11 per gallon for a maximum of 60 million gallons of cellulosic fuel produced from sawgrass, agricultural wastes and other biomass. The package also extends through 2010 the $1.00 per gallon biodiesel credit when biodiesel is produced from soy, camelina and other plant materials, with no limit for a single facility's production.

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