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ASA Issues Biodiesel Action Alert
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The biodiesel tax incentive is set to expire on December 31, 2009. The tax incentive is vital to the U.S. biodiesel industry and its extension is a top priority for the American Soybean Association (ASA). Failure to renew the biodiesel tax incentive could reduce prices paid to farmers for their soybeans by 25 cents or more per bushel. ASA is pushing legislation to extend the biodiesel tax incentive in both houses. Senator Maria Cantwell (D-WA) and Senator Charles Grassley (R-IA) have introduced S. 1589, the Biodiesel Tax Incentive Reform and Extension Act of 2009. This bill would extend the credit for five years and restructure it as a production excise tax credit. Congressmen Earl Pomeroy (D-ND) and John Shimkus (R-IL) have also introduced H.R. 4070 in the House. As time is running out on the Congressional calendar, Congress is also considering legislation that would provide a one-year extension of the existing biodiesel tax incentive. Either way, a strong show of support is necessary to successfully extend the biodiesel tax incentive beyond the end of this year. For more information visit http://www.soygrowers.com |
