US biodiesel tax credit stuck in holding pattern - trade group

18 March 2010 18:45  [Source: ICIS news]

HOUSTON (ICIS news)--Legislation on a critical US biodiesel tax-credit extension is in a holding pattern, as the nation's two legislative chambers work out differences on their respective versions of a bill, the National Biodiesel Board (NBB) said on Thursday.

The biodiesel tax credit is included in the nation's second jobs-stimulus bill, HR 4213, or Jobs 2, the NBB said.

That bill passed in the House in December and the Senate in March, the NBB said.

However, the House and Senate passed different versions of HR 4213. The chambers must now reconcile the differences before the bill can be sent to the President to sign into law.

The US biodiesel industry considers extension of the $1/gal (€0.19/litre) federal tax credit to be central to its survival, sources within the industry have said.

Currently, US biodiesel production is described as less than 20% capacity by some participants, and under 10% by others.

($1= € 0.73)

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