What is in this article?:
- $900 billion tax package: estate tax, biofuel provisions
- Biodiesel tax credit retroactive
- Environmentalists: 'fundamentally unjust'
- Tax package passes Congress.
- Includes more generous estate tax provisions.
- Includes biofuel/ethanol incentives.
- Farm groups happy with legislation.
Biodiesel tax credit retroactive
“Retroactive extension of the biodiesel tax credit through Dec. 31, 2011, represents a significant legislative achievement on a key ASA priority,” said Alan Kemper, American Soybean Association (ASA) P\president and soybean farmer from Lafayette, Ind. With the biodiesel tax credit defunct for 349 days along with the resulting loss of some 40,000 jobs, “soybean farmers greatly appreciate the work of Congress and the (Obama) administration to get this legislation passed before the end of the year.”
In a statement, the ASA claims the $1 per-gallon biodiesel tax incentive “is structured in a manner that makes biodiesel more competitive with petroleum diesel fuel in the market place. Absent the tax incentive, biodiesel is more expensive than conventional diesel fuel.”
For more, see Biofuels without credits?
2010 biodiesel production decreased over 35 percent from 2009 levels. Further “the biodiesel tax credit has a direct impact on jobs and is critical to supporting the biodiesel industry, a major market for U.S. soybean oil and a key factor in supporting domestic soybean prices” recently.
“It’s been a long process and ASA has worked tirelessly since the tax credit’s expiration to get it reinstated,” Kemper said. “ASA farmer-leaders have met with members of Congress on numerous occasions, supported by ASA members, the National Biodiesel Board, and supporters who have responded … by calling and emailing their representatives in an effort to get a retroactive extension of the biodiesel tax credit passed.”