The U.S. House of Representatives, voting 215 to 204, passed the American Jobs and Closing Tax Loopholes Act, which, in part, means that biodiesel tax incentives from the federal government will continue for the remainder of 2010.
The National Biodiesel Board marked the bill as a necessary step in order to keep biodiesel a viable alternative to regular fuels. The group noted that the $1-per-gallon blending credit that the federal government provides is a great help to the industry. The credit program began six years ago.
The National Biodiesel Board, or NBB, reminded taxpayers that biodiesel production not only allows for more environmentally friendly fueling, especially in the trucking industry, but adds thousands of jobs to the economy. In total, the NBB estimated that $4.1 billion was made off of biodiesel and contributed $828 million in local, state, and federal taxes in the six years the tax credit has helped the industry to thrive.
The Senate still must give their approval of bill.
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