Biodiesel Tax Credit Extension Gets New Life

Sen. Kerry unveils his Clean Energy Technology Leadership Act of 2010.

August 11, 2010

WASHINGTON, D.C. - With Congress out for the August recess, the fate of the biodiesel tax credit extension will have to wait until September. But with both parties arguing over the biodiesel tax amendments attached to the Small Business Bill, passage of such an extension has been stalled, Biodiesel Magazine reports.

Enter Sen. John Kerry (D-MA), who has bypassed amending the Small Business Bill and unveiled a separate bill to extend the tax credit. The Clean Energy Technology Leadership Act of 2010 would give tax incentives for clean energy manufacturing renewable energy and conservation.

"While we continue the fight to bring comprehensive energy legislation to the floor of the United States Senate, it??s essential that we take action to start moving in the right direction," said Kerry in a press release. "Providing incentives for clean energy production will drive our economy forward and take us one step closer to reducing our carbon emissions and ending our dependence on foreign oil."

Kerry??s bill would extend and modify tax incentives for new energy-efficient homes, non-business energy property improvements and energy efficient commercial buildings. The proposal would also extend the research and development tax credit retroactively for 2010 and through 2012 and provide an additional 10 percent credit for qualified advanced energy research expenditures.

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