Friday, October 08, 2004

Biodiesel Tax Incentive Passes the House

From NBB newsletter

Oct 08, 2004

The House last night passed the FSC/ETI conference report H.R. 4520, including the biodiesel tax incentive, by a vote of 280-141. Senate leadership has indicated that the Senate will vote on this legislation before they recess on Saturday, Oct. 9. If that happens, it will go to the President for signature, as its final step. As it stands now, we are cautiously optimistic about our chances for final passage.

The biodiesel tax incentive is part of the Foreign Sales Corporation/Extraterritorial Income Tax (FSC/ETI) regime, commonly referred to as “JOBS” legislation. The biodiesel tax incentive, which amounts to a penny per percentage point of biodiesel blended with petroleum diesel, was included in the FSC/ETI legislation at the insistence of biodiesel champions like Senators Chuck Grassley (R-IA) and Blanche Lincoln (D-AR). It is part of the Volumetric Ethanol Excise Tax Credit (VEETC) originally introduced as S. 1548 that Senators Grassley and Lincoln sponsored, and H.R. 3119 sponsored by Representative Kenny Hulshof (R-MO). House Ways and Means Committee Chairman Bill Thomas (R-CA) chaired the conference committee and included the biodiesel provision.

We thank all who have made this crucial step to passage possible: to those who made calls to specific legislators in answer to our plea yesterday, we thank you! We all know how precious this tax incentive is to our industry and we appreciate your volunteer hours of help. Your voice as a stakeholder is the loudest. We will keep you informed as developments unfold.

Thank you very much,

Joe Jobe
Executive Director
National Biodiesel Board

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