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Saturday, March 26, 2011

Senators Introduce Biofuels Bill with Tax Credit Extension

Sen. Amy Klobuchar (D-MN) and Sen. Tim Johnson (D-SD) recently re-introduced the Securing America’s Future with Energy and Sustainable Technologies Act, which would provide assistance and incentives for biofuels infrastructure and deployment.

The bill includes a five-year extension of the biodiesel tax credit and shifts it from a blender's to a producer's credit, both top priorities for the American Soybean Association.

The measure also includes an extension and revision of the ethanol tax credit; a renewable electricity standard of 25 percent renewable energy by 2025; an energy-efficiency resource standard of 1 percent per year; and targets for the availability of advanced vehicle technologies including hybrid, electric, and flex-fuel vehicles.

Sponsors indicated that the purpose of this legislation is to create jobs, reduce dependence on foreign energy sources, enhance national security and reestablish America's global energy technology leadership.

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