Senate fails to pass biofuel tax incentive
March 13, the Senate failed to pass the Stabenow amendment extending key biofuel tax incentives, such as the Cellulosic Biofuels Producer Tax Credit, the Accelerated Depreciation Allowance for Cellulosic Biofuel Plant Property, and the Alternative Fuel Infrastructure Tax Credit available to blender pumps and other ethanol fueling infrastructure. The final vote was 49-49.
In response, Advanced Ethanol Council Executive Director Brooke Coleman issued the following statement:
“Unfortunately the Senate missed an opportunity to put to bed the pressing need to extend expiring tax incentives for cellulosic biofuels and other sources of domestically produced clean energy. We appreciate Senator Stabenow’s effort to advance this piece of must-pass cellulosic biofuels policy, and we look forward to getting these provisions extended as soon as possible.
“The underlying reality is the lack of policy certainty is driving clean energy investment overseas and putting the United States behind the eight ball when it comes to clean energy development. Echoing the 49 U.S. Senators who voted for the Stabenow amendment today, we cannot afford to miss any more opportunities to get this done.”
Renewable Fuels Association President and CEO Bob Dinneen reiterated Coleman’s sentiment:
“Every member of Congress agrees that America needs to reduce its reliance on imported oil and create jobs here at home. These tax incentives would help accomplish both of those goals. New biofuel technologies promise to bring increased economic opportunity to scores of communities all across the nation, create tens of thousands of jobs, and increase America’s supply of domesticallyproduced renewable alternatives to imported oil.
“Likewise, increasing volumes of renewable fuels like ethanol have the potential to further reduce America’s foreign oil tab if investments in infrastructure offering higher level blends are encouraged.
“In the face of record gas prices for this time of year and the very real possibility for $5 gas, I urge Congress to move swiftly to pass extensions of these tax incentives and accelerate America’s break with foreign oil.” — WLJ