Tax legislation approved late Thursday, December 16, represents significant continued investments in alternate fuels and for domestic biofuel production.
The legislation includeed several provisions to reduce oil dependence by encouraging biofuel production, including one that extends the current 45 cent per gallon tax credit for ethanol through 2011. The bill also extends, through 2011, $1 dollar per gallon tax credits for biodiesel production and diesel fuel created from biomass, as well as a 10 cent per gallon tax credit for agri-biodiesel producers.
It is a great success that the tax credit for alternate fuels, such as Natural Gas and Propane of .$50/gallon also came through, retroactive to January 1. 2010.
The bill also included investments in alternative vehicle refueling infrastructure. The bill extends through 2011 the 30% investment tax credit for infrastructure that supports alternative fuels like ethanol, hydrogen, biodiesel and natural gas.
These reinstated tax credits should lower the cost of alternative fuels throughout Kentucky and serve as a helpful incentive for cleaner domestic fuels.
The President signed the legislation today among many alternative and biofuels supporters.
No comments:
Post a Comment