The National Biodiesel Board has praised the U.S. Senate for passing the American Workers, State, and Business Relief Act of 2010 by a 62-to-36 margin. Among its provisions, the legislation provides a one-year retroactive extension of the biodiesel tax incentive.
“The lapse in the biodiesel tax credit has been extremely disruptive to the domestic biodiesel industry, and a retroactive extension of this worthwhile incentive will help America realize the job creation, energy security and environmental benefits associated with biodiesel,” said Manning Feraci, the National Biodiesel Board’s vice president of federal affairs, in a press release.
According to the press release, the U.S. biodiesel industry has seen a dramatic drop in demand and production since the lapse in the tax credit.
The House and Senate must now reconcile their versions of the bill. In December 2009, the House approved its version of the bill (H.R. 4213), which also provides for a one-year retroactive extension of the biodiesel tax incentive.