Major Win for Biofuels Industry in Senate Finance Committee Mark-Up
WASHINGTON, Aug. 2, 2012 /PRNewswire-USNewswire/ — Today, 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. The Committee’s decision to keep these provisions in tact and extend them through 2013 is seen as a major victory for the biofuels industry.
Advanced Biofuels Association President, Michael McAdams hailed the mark-up as a tide turning event for the biofuels industry:
“Today’s Senate Finance Committee action is a victory for the biofuels industry, and one we have been working toward for quite some time,” McAdams said. “The Senate Finance Committee’s work is a strong show of continued bipartisan support for our industry. Today’s vote is a signal to the marketplace that the federal government is committed to tax support for this industry. Our members believe that extending these tax credits are a good value for every taxpayer and energy customer in the United States.”
Also included in the Family and Business Tax Cut Certainty Act of 2012:
- cellulosic biofuel producer credit,
- incentives for biodiesel and renewable diesel,
- special depreciation allowance for cellulosic biofuel plant property,
- excise tax credits for alternative fuel and alternative fuel mixtures,
- clean fuel vehicle refueling property credits,
- algae given parity within the cellulosic credit.
The cellulosic biofuels producer tax credit and the accelerated depreciation allowance for cellulosic biofuel plant property are seen as key measures to the ongoing development of the domestic advanced biofuels industry.
“These two critical tax incentives will lead the way to the creation of more commercial plants across the country, which ultimately results in more jobs and cleaner energy,” McAdams concluded.
About the Advanced Biofuels Association: The Advanced Biofuels Association (ABFA) is a national organization representing the new generation of advanced and renewable technologies that will help drive America’s new economy by creating jobs, reducing our dependence on foreign oil and fossil fuels while fueling a sustainable future for the world. The ABFA has quickly become a leading voice for America’s domestic biofuels industry since it was established in 2009. For more information, please visit our website: http://www.advancedbiofuelsassociation.com
SOURCE Advanced Biofuels Association