U.S. House Agriculture Committee Ranking Member Collin C. Peterson, D-MN, today joined Rep. Aaron Schock, R-IL, to introduce the Biodiesel Tax Incentive Reform and Extension Act (H.R. 2238). The legislation extends the $1 per gallon biodiesel tax credit to 2014 and changes the tax incentive to a production excise tax credit.
“Increasing the production of renewable energy is vital to creating jobs and growing our rural economies. Unfortunately, by allowing the biodiesel tax credit to lapse, we’ve already witnessed a loss of jobs and production,” Peterson said. “The biodiesel industry is still developing and, with the certainty of the biodiesel tax credit, we can continue to move forward and fully realize our renewable energy potential.”