Senate Fails to Pass Biofuel Tax Incentive

USAgNet reports that the Senate voted against 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.

Advanced Ethanol Council Director Brooke Coleman said 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.

“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,” Coleman said. “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.”

Renewable Fuels Association President and CEO Bob Dinneen said every member of Congress agrees that America needs to reduce its reliance on imported oil and create jobs here at home.