Last month, the Farm Bill became law when Congress successfully overrode the President's veto. Among its many provisions, the legislation reauthorizes the Commodity Credit Corporation (CCC) Bioenergy Program and provides $300 million from Fiscal Year (FY) 2009 through FY 2012 in funding for the initiative. This important program provides support to biodiesel producers to help offset high feedstock costs. In addition, the Farm Bill also continues funding for the USDA Biodiesel Education Program to increase the awareness and ultimately utilization of biodiesel.
In addition, the U.S. House approved H.R. 6049, the Energy and Tax Extenders Act of 2008. Among its many provisions, the legislation extends the biodiesel tax incentive through Dec. 31, 2009. Under the bill, the $1 per gallon incentive would be available for all biodiesel, regardless of feedstock. H.R. 6049 also shuts down the "splash and dash" loophole that currently allows foreign-produced fuel to enter the U.S, claim the biodiesel tax incentive, and be shipped to a third country for end use. Lastly, H.R. 6049 properly defines the renewable diesel tax incentive as it applies to co-processed renewable diesel.
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Just a little FYI from the National Biodiesel Board
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