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| Biodiesel Tax Credits http://www.lostjeeps.com/forum/phpBB3/viewtopic.php?f=5&t=54351 |
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| Author: | kjfishman [ Sun Jul 18, 2010 5:19 pm ] |
| Post subject: | Biodiesel Tax Credits |
As you know the Biodiesel Tax Credit has expired. Put some preasure on your congressmen and senators to restore the Biodiesel tax credits. cut and pasted from http://www.biodiesel.org/news/taxcredit/default.shtm# STATUS OF BIODIESEL TAX CREDIT The U.S. Senate was unable to muster the 60 votes necessary to end debate on the tax extenders legislation that was considered by the chamber in June. The inability to successfully invoke cloture and reach an agreement on this package has put the extension of expiring tax provisions, including the tax incentive, in limbo. This does not change the fundamental need to retroactively reinstate the biodiesel tax incentive in a timely manner. Accordingly, the National Biodiesel Board will continue pursuing all available options to address this issue. WHAT CAN YOU DO? Do you think Congress should reinstate the biodiesel tax incentive and continue to realize the economic, energy security and environmental benefits that come from the production and use of biodiesel? If your answer to this common-sense question is “yes,” then you should contact your Federal Elected officials immediately about this issue. For your Congressman, click HERE and for your Senators click HERE to get the contact information to reach out to your elected officials on this important issue. Now more than ever, it is important for lawmakers to hear from you about this issue. Specifically: 1. The continued lapse of the biodiesel tax incentive is causing severe harm to the U.S. biodiesel producers, costing the nation jobs and hindering our ability to displace petroleum. Congress must retroactively reinstate the biodiesel tax incentive on the first available legislative vehicle. 2. The current situation highlights the need for a certainty in federal policy and tax policy. If your Congressman and Senators have not done so already, ask them again to cosponsor H.R. 4070 and S. 1589, legislation that would provide for a multi-year extension of a reformed biodiesel tax incentive. BACKGROUND: Biodiesel Public Policy Benefits: The biodiesel tax incentive has helped achieve the worthwhile policy goal of increasing the production and use of biodiesel in the U.S. In 2004, when the incentive was initially enacted, the U.S. produced 25 million gallons. In 2009, that number rose to 545 million gallons. There are compelling public policy benefits associated with the enhanced production and use of biodiesel in the U.S. Among the most are: * The Biodiesel Industry is Creating Green Jobs and Making a Positive Contribution to the Economy; * Biodiesel is Good for the Environment, reducing carbon pollution by up to 85 percent, according to the EPA; * Biodiesel Reduces our Dependence on Foreign Oil. The biodiesel tax incentive has helped achieve the desired goal of increasing the domestic production and use of biodiesel, and in turn has helped the U.S. realize the energy security, economic and environmental benefits associated with displacing petroleum with domestically produced renewable fuels. These benefits, however, will be lost if Congress does not act in a timely manner to address the immediate issue facing the industry and retroactively extend the biodiesel tax incentive. The code below can be used to show the number of days since the tax credit has expired: http://www.biodiesel.org/news/taxcredit/code.htm <iframe src="http://www.biodiesel.org/images/taxcountup/taxcountup.htm" width="530" height="80" scrolling="false" frameborder="0" marginheight="0" marginwidth="0">Your browser does not support floating frames (IFRAME), click <a href="http://www.biodiesel.org/images/taxcountup/taxcountup.htm" target="_blank">here to view the data without frames.</a></iframe> |
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| Author: | Cowpie1 [ Mon Jul 19, 2010 2:48 pm ] |
| Post subject: | Re: Biodiesel Tax Credits |
On the surface, I would support your position, especially since I am directly involved with the subject, owning farmland in Iowa. But, I have also seen those tax credits for production used to produce bio for the European market. The "splash and dash" issue really turned me against the tax credit. Biodiesel would be produced in, say, Brazil, then a tanker of it was taken to a U.S. port where it was blended with 1% diesel which qualified it for the $1 a gallon tax credit, then it was shipped to Europe. The Libertarian in me says that no buisness should get any tax credit or subsidies. Including those like me that are farmers. If the business can't stand on its own and generate a market for its product, then don't take my money and subsidize it. I run a business and get no tax credits or subsidies. So.... I will not support the biodiesel tax credit, even though I use the stuff regularly at the rate of more than 24,000 gallons of bio blends from 2% to 11% a year. I like it, but am not going to subsidize an industry to produce it. It has to stand on its own. |
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| Author: | racertracer [ Mon Jul 19, 2010 3:14 pm ] |
| Post subject: | Re: Biodiesel Tax Credits |
From what I understand if it weren't for the "Splash and Dash" Loophold that some crooked brokers are taking avantage of, the credit would still be in effect. These crooekd people see it as easy money and from what I understand 33 billion dollars were issued last year and not even a 1/3 of that money went to biofuel producers. Google "Splash and Dash" and other related material. |
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| Author: | dkenny [ Mon Jul 19, 2010 5:15 pm ] |
| Post subject: | Re: Biodiesel Tax Credits |
only if the biodiesel or blend was sold in the this country.. sorry much was sold outside of the country that the US taxpayers paid for!! this is wrong! -dkenny ps yes I make my own. |
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