Earth Equity News

Senate Jobs Bill to Revive U.S. Biodiesel Tax Credit. Reuters, February 10, 2010. "A U.S. jobs-creation bill under development in the Senate would revive the $1 a gallon biodiesel tax credit for this year, according to a draft of the bill released on February 10. The tax credit expired at the end of 2009. Backers say it aided the growth of biodiesel, made primarily from soybean oil. A farm group, the American Soybean Association, would like a multiyear extension. Some 2.2 billion lbs, or 11%, of U.S. soybean oil production would be devoted to biodiesel this marketing year, according to the latest U.S. Agriculture Department data. It takes 7.5 lbs of soybean oil to make a gallon of biodiesel... According to a draft, the bill would extend through 2010 a 50-cent a gallon tax credit for alternative fuels and alternative fuel mixtures. The extension would deny a tax break to fuels derived from making pulp or paper -- so-called black liquor."