June 28, 2007 House Ways and Means Committee Gives Nod to Biodiesel Measures Committee clears path for biodiesel provisions to join Energy Bill WASHINGTON, D.C.- An extension of the federal biodiesel tax incentive passed the U.S. House Ways and Means Committee yesterday, along with other legislative provisions critical to the sustained growth of the biodiesel industry.
Specifically, the Renewable Energy and Energy Conservation Act of 2007 includes: Extension of the biodiesel tax incentive through 2010. The provision is based on legislation introduced this year by Representatives Earl Pomeroy (D-ND) and Kenny Hulshof (R-MO). A provision authored by Rep. Lloyd Doggett (D-TX) to prevent large integrated oil companies from claiming the $1.00 per gallon renewable diesel tax credit. Absent this provision, taxpayers would subsidize existing oil refineries at the expense of stand-alone biodiesel and renewable diesel producers who add to America's limited refining capacity. The closing of the so-called "splash and dash" loophole. This would stop foreign biodiesel producers from shipping their product bound for foreign markets through the U.S. for the sole purpose of claiming the U.S. biodiesel tax incentive. _______________________________________________ Biofuel mailing list Biofuel@sustainablelists.org http://sustainablelists.org/mailman/listinfo/biofuel_sustainablelists.org Biofuel at Journey to Forever: http://journeytoforever.org/biofuel.html Search the combined Biofuel and Biofuels-biz list archives (50,000 messages): http://www.mail-archive.com/biofuel@sustainablelists.org/
