Unemployment Bill Impacts U.S. Biofuels
August 10, 2010 Leave a comment
On July 22, 2010 President Obama signed into law H.R. 4213 – The Unemployment Compensation Extension Act of 2010. However, to the frustration of biofuels supporters the final bill did not include the biodiesel tax credits provision of the American Jobs and Closing Tax Loopholes Act of 2010 which would have reinstated the $1.00 per gallon tax credit that expired at the end of 2009 through the end of 2010 sparking a debate as to what should and what should not qualify for renewable energy incentives.
In Massachusetts for example, the Department of Energy Resources instructed to draft stricter rules. Speaking at a PAGE event on July 23, C. Ford Runge commented that, “excessive and indefensible subsidies to the biofuels sector… are the most expensive way to reduce greenhouse gas emissions.” In light of these state and federal legislative developments, there could be far-reaching implications for biofuels developers, as well as for states trying to meet renewable energy production targets.
Posted by: Matthew Robinson
Sources: The Massachusetts Office of Energy and Environmental Affairs, The National Biodiesel Board, The New York Times