Biodiesel tax legislation introduced by Peterson, Schock

Biodiesel Magazine
By Luke Geiver June 21, 2011

The first biodiesel tax legislation for 2011 has been introduced. U.S. House Agriculture Committee Ranking Member Collin C. Peterson, D-Minn., has been joined by Rep. Aaron Schock, R-Ill., in the introduction of a bill that would not only extend the $1 per gallon credit currently in place until 2014, but also alter the current legislation towards a production excise tax credit, in a bill the co-sponsors have titled the Biodiesel Tax Incentive Reform and Extension Act (H.R. 2238).

Peterson said on the bill that “increasing the production of renewable energy is vital to creating jobs and growing our rural economies.” Adding that, “Unfortunately, by allowing the biodiesel tax credit to lapse, we’ve already witnessed a loss of jobs and production.” Because, as Peterson said, the biodiesel industry is still developing, the certainty of a tax credit can help the industry to “continue to move forward and fully realize our renewable energy potential.”

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