A new clean energy bill introduced by Sen. John Kerry (D-Mass.) would extend the excise tax credit for biodiesel and renewable diesel retroactively for 2010 and through 2012.
The biodiesel credit expired Dec. 31, 2009, and industry stakeholders have not been able to see legislation extending it.
The Clean Energy Technology Leadership Act of 2010 is aimed at providing tax incentives for clean energy manufacturing, renewable energy and conservation.
The legislation would also modify the cellulosic biofuel tax credit to include algae-based fuels.
"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. "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."
In addition to the biodiesel tax credit provision, the bill would also provide incentives for natural gas heavy vehicles and provide additional funding for the advanced energy manufacturing credit and uncap the credit for solar energy property, fuel cell power plans, and advanced energy storage systems, including batteries for advanced vehicles, among other goals.
Last month, Sen. Blanche Lincoln (D-Ark.) submitted a proposal to amend H.R. 5297, or the Small Business Jobs and Credit Act of 2010, by retroactively extending the biodiesel tax credit.
