US Congress approves extension of biodiesel, cellulosic tax credits

19 Dec 2015   Biofuels

The US Senate on Friday passed a tax and spending package that includes a retroactive extension through next year of a $1/gal blenders tax credit for biodiesel and a $1.01/gal production tax credit for cellulosic biofuels. The credits had expired at the end of 2014. The legislation now goes to President Barack Obama, who is expected to sign it into law shortly. The biodiesel industry has warned of layoffs and plant closures if the tax incentives were not extended, while the cellulosic biofuels industry has said its tax credits would help attract investment as it scales up. Article continues below… Platts Global Alert is a complete real-time information service for the global energy industry, providing breaking reports of deals done, price indicators for crude and products and more than 200 end-of-day assessments. Contact Sales More Information Notably, however, the package does not change the biodiesel blenders credit to a […]

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