Sens. Chuck Grassley, R-IA, and Max Baucus, D-MT, have introduced
legislation in the U.S. Senate that would extend biodiesel tax incentives put
in place in 2004.
According to a news release from the National Biodiesel Board, the
bill, if passed, would extend the biodiesel excise and income tax credit for
biodiesel and biodiesel blends until Dec. 31, 2010. The current tax is set to
expire in 2008.
The bill would also give a one-year extension to a 30 percent tax
credit for the cost of installing pumps used for distributing B20 at fueling
Darryl Brinkmann, chairman of the National Biodiesel Board, said in a
written statement that the tax incentives are important because they help keep
biodiesel prices competitive with those of regular diesel.
The bill is currently under consideration by the Senate Finance