Peterson/Schock bill would extend biodiesel tax credit
June 22, 2011 | 08:51 AM
House Agriculture Committee ranking member Collin Peterson, D-Minn., and Rep. Aaron Schock, R-Ill., have introduced a bill to extend the $1 per gallon biodiesel tax credit to 2014 and to change the tax incentive to a production excise tax credit.
“Increasing the production of renewable energy is vital to creating jobs and growing our rural economies. Unfortunately, by allowing the biodiesel tax credit to lapse, we’ve already witnessed a loss of jobs and production,” Peterson said in a news release on Tuesday. “The biodiesel industry is still developing and, with the certainty of the biodiesel tax credit, we can continue to move forward and fully realize our renewable energy potential.”
“Increasing the production of renewable energy is vital to creating jobs and growing our rural economies. Unfortunately, by allowing the biodiesel tax credit to lapse, we’ve already witnessed a loss of jobs and production,” Peterson said in a news release on Tuesday. “The biodiesel industry is still developing and, with the certainty of the biodiesel tax credit, we can continue to move forward and fully realize our renewable energy potential.”
