Tax Credit Update

Congress has yet to act on the biodiesel tax credits and without them, the US biofuels industry is in dire shape.

Blue Ridge Biofuels’ letter to the editor about the state of the biodiesel industry in the midst of the Gulf oil spill – one of the worst environmental disasters in the US – ran in the July 13th issue of Mountain Express. A copy of the press release can be found in the News & Events section of our website.

A new report released by the International Energy Agency found that global subsidies for fossil fuels dwarf support given to renewable energy sources such as wind power, solar power, and biofuels. More details can be found in the News & Events section of our website.

The US House Committee on Ways and Means, the House committee with sole jurisdiction over matters relating to taxation, released a draft of the Domestic Manufacturing and Energy Jobs Act of 2010 in late July. Among its provisions, the legislation would reinstate the biodiesel tax incentive for 2011. The summary also indicates that the legislation would incorporate the 2010 extension if it has not been enacted by the time the Domestic Manufacturing and Energy Jobs Act of 2010 is considered. Neither the U.S. House Committee on Ways and Means nor the full US House considered this legislation prior to the Summer District Work Period which ends in September.

Please contact your representatives to let them know we are running out of time. They are back in their home states on summer break to hear the concerns of their constituents.

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