Bills support biodiesel tax credit extension

Bills support biodiesel tax credit extension    The U.S. Senate and House have introduced separate three-year biodiesel tax credit extension bills.
   Grain groups have argued that a multiyear extension is needed to provide stability and certainty to the still maturing biodiesel industry. The current biodiesel tax incentive expires on Dec. 31.
   House bill H.R. 2238 was introduced by Reps. Aaron Schock, R-Ill., and Collin Peterson, D-Minn., while Senate version S. 1277 was put forth by Sens. Maria Cantwell, D-Wash., and Sen. Chuck Grassley, R-Iowa.
   Biodiesel is considered a renewable, clean-burning diesel replacement that helps reduce U.S. dependence on foreign petroleum, creating green jobs and improving the environment. Biodiesel is used in existing diesel engines.
   According to grain groups, biodiesel is the first and only commercially available fuel that qualifies as an advanced biofuel. Its production, distribution and use will support more than 31,000 U.S. jobs in 2011 and replace nearly 1 billion gallons of imported petroleum diesel, they say.
   Grain groups want biodiesel to be included in any energy or tax policy measures that are developed by Congress.
   “Passage of an extension of the biodiesel tax credit provides the biodiesel industry an opportunity to grow and meet our nation's demand for cleaner burning, homegrown renewable fuel,” said Steve Wellman, American Soybean Association first vice president, in a statement.