Tax Extenders Package; Algae Wins Tax Credit Parity
by Jim Lane (Biofuels Digest) … Meanwhile, the Senate Finance Committee marked up the Family and Business Tax Cut Certainty Act of 2012, which included key energy efficiency and biofuels tax credit provisions. Included in the bill: the Cellulosic Biofuels Producer Tax Credit (PTC), the Accelerated Depreciation Allowance for Cellulosic Biofuel Plant Property, clean fuel vehicle refueling property credits, a two-year extension of the R&D tax credit, and an extension of the $1 per gallon biodiesel blender’s credit. The committee also added parity for algal biofuels in the tax extenders package.
Both the Appropriations and Finance Committee measures now move to the full Senate for consideration, and to conference with the House of Representatives to reconcile differences between Senate and House Appropriations. Votes are expected on the appropriations bills in September. READ MORE and MORE (Algae Biomass Organization) and MORE (Biodiesel Magazine)