The U.S. Senate did not pass 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. The final vote was 49-49.
Both the National Biodiesel Board and the Advanced Ethanol Council expressed their disappointment. AEC Executive Director Brooke Coleman says - 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. At the same time Anne Steckel, vice president of federal affairs for NBB says - it's also a missed opportunity for Congress to do something about these oil price spikes by diversifying our fuel supplies and reducing our exposure to the global petroleum markets.
Renewable Fuels Association President and CEO Bob Dinneen believes - every member of Congress agrees that America needs to reduce its reliance on imported oil and create jobs here at home. These tax incentives would help accomplish both of those goals. It is widely held that 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.