Biodiesel Tax Credit Extended by Senate Committee

The Senate Finance Committee passed the “Family and Business Tax Cut Certainty Act of 2012,” which extends a number of tax provisions that expired last year or are set to expire at the end of this year.  The bill extends the $1/gal. tax credit for biodiesel and the small agri-biodiesel producer credit of 10 cents/gal. through 2013. The bill also extends the $1/gal. tax credit for diesel fuel created from biomass through 2013.  The National Biodiesel Board said, “The biodiesel tax incentive is a proven job creator. Growth in our industry has been stagnant since the incentive expired on Dec. 31. Reinstating it will get biodiesel producers across the country back to expanding their businesses and hiring new employees as they were doing last year with the tax incentive in place.”  


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