Senate Passes Energy Tax Extender

The U.S. Senate last week passed 93 to 2 an energy tax extenders package, Brownfield reports. Although it’s not quite as much as biodiesel producers had hoped for, the bill provides for, among other things, the dollar per gallon biodiesel tax credit to be extended through 2009. Previous failed versions called for a three-year extension.

The bill hit roadblocks in the Senate because of disagreements over how to pay for the energy tax incentives. A breakthrough came with the agreement that they’d be offset by limiting tax breaks to the oil and gas industry. Although the Bush White House made clear its misgivings of some aspects of the bill, the Administration stopped short of threatening a veto.