Federal ethanol, biodiesel credits extended

Quad City Times
Ed Tibbetts The Quad-City Times Posted: Tuesday, December 7, 2010 11:41 am

A deal to extend the Bush-era tax cuts also includes action on ethanol and biodiesel credits, U.S. Sen. Chuck Grassley, R-Iowa, said today.

The details aren’t clear yet, but Grassley told reporters this morning that the ethanol and biodiesel tax credits will get a temporary extension, through 2011.

The biodiesel credit of $1 a gallon expired last year, and farm-state lawmakers have blamed the expiration for the idling of biodiesel plants.

The ethanol credit, at 45 cents per gallon, is scheduled to expire at the end of the year.

Grassley said this morning the biodiesel credit extension also included applying it retroactively to 2010.

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