House passes biodiesel tax incentive
The U.S. House of Representatives on Friday passed a bill to extend the biodiesel tax incentive through Dec. 31, retroactive to Jan. 1, 2010.
The bill, H.R. 4213, passed the chamber by a 215-204 margin.
Soybean producers praised the House lawmakers for passing the bill. 'Extension of the biodiesel tax credit is long overdue and has been continually held up for reasons unrelated to biodiesel,' said Rob Joslin, president of the American Soybean Association, in a statement.
Biodiesel has provided a significant market opportunity for U.S. soybean farmers in recent years.
The American Soybean Association wants its members to press the Senate to pass the biodiesel tax credit extension immediately upon return from the Memorial Day recess.
'I strongly encourage all soybean farmers to contact their senators directly over the next week, in-person, via phone and e-mail, to explain the need for the Senate to extend the biodiesel tax incentive,' Joslin said.
The biodiesel tax expired on Dec. 31, 2009. 'Since that time, biodiesel production and consumption has dramatically declined, biodiesel production facilities have closed, and thousands of biodiesel industry workers have lost their jobs,' he said.