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![As 2010 drew to a close, the biofuel industry celebrated not only the New Year but the passage of new legislation. In early December, Congress and the White House passed an $858 billion tax package bill which will retroactively reinstate the $1/gal biodiesel tax credit from when it expired in 2009 through 2011. Among other things, the tax package will also extend the ethanol tax credit at 45cts/gal for one year.
Manning Feraci, vice president of Federal Affairs for the National Biodiesel Board commented, 'Reinstatement of the biodiesel tax credit is welcome news for the U.S.
biodiesel industry and good news for the nation as a whole. This will undoubtedly help kick-start the domestic biodiesel industry, lessen our dependence on foreign oil and create thousands of new jobs across the country.'
Blendstar welcomes the reinstatement of this important legislation, as its passage will promote the overall use of biofuels and re-establish biodiesel as a competitor in the market. We are pleased by the government's vested interest in the biofuel industry and feel confident these subsidies will stimulate domestic growth.
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