Biodiesel tax credit extension passed, signed into law
September 17, 2012 Ohio Soybean Council
WORTHINGTON, Ohio- The Ohio Soybean Council and Ohio Soybean Association were pleased by U.S. Congress’s passage and President Obama’s signing of H.R. 4853 into law last week. A provision of the H.R. 4853—the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010—extended a $1-per-gallon biodiesel tax credit through 2011 and made the credit retroactive for 2010 as well.
The biodiesel tax credit, which was originally enacted in 2004, encourages businesses and consumers to use biodiesel. It expired on December 31, 2009, and the lapse had negative impacts on the United States’ biodiesel industry. The reinstatement and extension of the tax credit is expected to help the industry regain traction and increase domestic biodiesel production, which will create new jobs, lessen the country’s dependence on foreign oil, and lead to a healthier environment.
The Ohio Soybean Council and soybean checkoff has long supported the promotion of soy biodiesel to farmers and consumers as it is an environmentally friendly fuel that increases engine lubricity and reduces dependence on petroleum.
The Ohio Soybean Association and its grassroots membership support has been working for the past year with a coalition of other state and national groups, including the American Soybean Association, to encourage lawmakers to renew the $1-per-gallon tax credit.
About the Ohio Soybean Council
Headquartered in Worthington, the Ohio Soybean Council is governed by a volunteer farmer board, which directs the Soybean Promotion and Research Program. The program’s primary goal is to improve soybean profitability by targeting research, development and promotion projects through the investment of farmer-contributed funds.
About the Ohio Soybean Association
The Ohio Soybean Association is governed by a volunteer farmer board dedicated to education and promotion, as well as to uniting producer interest through support of legislative activities beneficial to the Ohio soybean industry.
Ohio Soybean Council
Article Tags: Biodiesel