U.S. House of Representatives Committee Gives Nod to Biodiesel Measures

WASHINGTON, D.C. – The U.S. House Ways and Means Committee has approved an extension of the federal biodiesel tax incentive and other provisions critical to the sustained growth of the biodiesel industry, according to the Web site www.hoosieragtoday.com. The committee’s approval clears the path for the inclusion of these provisions in the Energy Bill.

The Renewable Energy and Energy Conservation Act of 2007 would extend the biodiesel tax incentive through 2010 — prevent large integrated oil companies from claiming the dollar-per-gallon renewable diesel tax credit — and close the loophole that allows foreign biodiesel producers to ship their product bound for foreign markets through the U.S. just to claim the U.S. biodiesel tax incentive.