US House votes to extend biodiesel tax credit

09 December 2009 22:36  [Source: ICIS news]

HOUSTON (ICIS news)--The US House on Wednesday passed a one-year extension of a tax credit the biodiesel industry considers crucial to its survival.

House members voted 241-181 to approve the Tax Extenders Act of 2009 (HR-4213), which would maintain the $1/gal blending tax for biodiesel producers until 31 December 2010.

It is still unclear whether the Senate will vote on a companion bill before the end of the year.  

A report commissioned by the National Biodiesel Board (NBB) said the US would lose 23,000 jobs and $828m (€563m) in tax revenue without the credit keeping biodiesel prices competitive with those for petroleum diesel.

($1 = €0.68)

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