Search results
Results From The WOW.Com Content Network
Amends the Internal Revenue Code to revise the income and excise tax credits for biodiesel used as fuel to: (1) allow a $1.00 tax credit for each gallon of biodiesel produced; (2) provide for an increased income tax credit for small biodiesel producers; (3) revise the definitions of "biodiesel" and "small biodiesel producer"; (4) treat ...
The Volumetric Ethanol Excise Tax Credit (VEETC) was the main source of financial support for biofuels, but was scheduled to expire in 2010. Through this act, biodiesel production guaranteed a tax credit of US$1 per gallon produced from virgin oils, and $0.50 per gallon made from recycled oils. [119]
As of 2011, blenders received a US$0.45 per gallon tax credit, regardless of feedstock; small producers received an additional US$0.10 on the first 15 million US gallons; and producers of cellulosic ethanol received credits up to US$1.01. Tax credits to promote the production and consumption of biofuels date to the 1970s.
The tax credit, the engine behind Biden’s ambitious plan to generate 3 billion gallons in production of sustainable aviation fuels by 2030, was due to become effective Jan. 1. But a lack of ...
Biodiesel blenders that create cleaner-than-diesel fuel from recycled cooking oil, soybean oil and animal fats face an existential threat as they wait to see if Congress will include reinstatement ...
In 2006, Fuel Bio Opened the largest biodiesel manufacturing plant on the east coast of the United States in Elizabeth, New Jersey. Fuel Bio's operation is capable of producing a name plate capacity of 50 million US gallons per year (190 × 10 ^ 3 m 3 /a) of biodiesel. [8] In 2008, ASTM published new Biodiesel Blend Specifications. [9]
The tax credit will only be given to the original purchaser of the vehicle, and not to a secondhand owner. If the vehicle is being lease, the tax credit can be claimed by the leasing company alone. The vehicle must be used mostly in the United States. The vehicle must be placed in service by the taxpayer by 2010 or later.
Also the E85 and Biodiesel Access Act [57] proposed to modify current IRS limits on the tax credit which today only allows for the amount a dual fuel dispenser exceeds the cost of a conventional dispenser. The E85 and Biodiesel Access Act would increase the credit from 30 percent of the cost of clean fueling property to 50 percent and increase ...