Biobased and Renewable Products News: Tax

January 13, 2017
Extension of New York’s Clean Heating Fuel Tax Credit
The New York State Clean Heating Fuel Tax Credit has been extended through 2020.  The personal income tax credit, which was initially authorized in 2006, is provided to eligible taxpayers for biodiesel purchases used for residential space and water heating.  For each percent of biodiesel blended with conventional home heating oil, a tax credit of $0.01/gallon is available up to a maximum of $0.20/gallon.  A partial credit will be calculated for buildings with a shared oil storage tank for residential and non-residential space that is based on the percentage of residential ... read more >
October 28, 2016
BIO Writes Open Letter To Congress Encouraging Multi-Year Extension Of Biofuel Incentives
On October 18, 2016, the Biotechnology Innovation Organization (BIO) sent a letter to Congressional Leadership, the Senate Finance Committee Chairs, and the House Ways and Means Committee Chairs calling for the extension of expiring renewable energy tax credits.  The Second Generation Biofuel Producer Tax Credit, the Special Depreciation Allowance for Second Generation Biofuel Plant Property, the Biodiesel and Renewable Diesel Fuels Credit, and the Alternative Fuel Vehicle Refueling Property are set to expire at the end of 2016, with BIO urging congress for multi-year extensions.  ... read more >
September 30, 2016
Bill To Extend Biodiesel Tax Credit Introduced In The House of Representatives
On September 12, 2016, the  Biodiesel and Renewable Diesel Incentive Extension Act of 2016  (H.R. 5994) was introduced to the House of Representatives and referred to the House Committee on Ways and Means. The bill was introduced by Representative Diane Black (R-TN), and would extend the $1 per gallon biodiesel and renewable diesel blenders credit, originally set to expire December 31, 2016, through  December 31, 2018. The blenders tax credit of $1 was created in 2005 for biodiesel or renewable diesel used in qualified mixtures.  The Advanced Biofuels Association ... read more >
September 16, 2016
Weekly Roundup of Other Biobased News
■ The Hill, "Energy Groups Push For Renewal Of Tax Credits" ■ Neste, "Neste and Ikea of Sweden Announce Partnership to Deliver Renewable, Bio-Based Plastics" ■ Packaging Europe, "Croda Offers CrodaTherm™ 21 for Temperature Controlled Packaging Applications" ■ The University of New Orleans, "UNO Computer Science Faculty Awarded More Than $500k for Vital Research" ■ Airforce Technology, "US Air Force to Produce Biofuels for US DoD ... read more >
September 2, 2016
Brazil Backtracks From Plan To Increase Ethanol Use Through Tax Breaks
On August 24, 2016, Brazil's government announced that it would not be extending a tax break on ethanol sales that is due to expire in December 2016. During the 2015 Paris Climate Accord, Brazil pledged to increase cane-based ethanol and biodiesel to nearly 18 percent of its total energy mix by 2030, requiring an increase in annual ethanol production from 30 billion liters in 2015/2016 to 50 billion liters in 2030. The loss of the ethanol tax break prevents biofuel from being cost competitive with gasoline, and will severely impede the ability of ethanol and biodiesel to make up a larger ... read more >
July 15, 2016
Hawaii Governor Signs Renewable Fuels Production Tax Credit
On July 6, 2016, Hawaii Governor David Ige signed SB 2652 Related to Taxation -- Locally Produced Renewable Energy. This bill establishes a five-year renewable fuels production tax credit. The tax credit will take effect in 2017 and will provide 20 cents per gallon of ethanol (or 76,000 British thermal units (Btu) of renewable fuel) with a cap of $3 million. The tax credit is open to companies producing at least 15 billion Btu of fuel from renewable feedstocks per year. Acceptable fuels include, but are not limited to, ethanol, hydrogen, biodiesel, biogas, renewable jet fuel, and other ... read more >
July 8, 2016
Weekly Roundup of Other Biobased News
■ BASF, "BASF Extends Its Portfolio Of Innovative Foam Solutions With ecovio® EA" ■ The Daily Nonpareil, "New Biomass Tax Incentive Seen As Catalyst For Economic Growth For Iowa" ■ USTDA, "USTDA Awards Two Power Africa Grants To Ghanaian Energy Developers" ■ Plastics Today, "Biesterfeld To Sell Nurel's Compostable Inzea Bioplastic In France" ■ SeeNews Renewables, "Abengoa Finds Buyers For Rotterdam Plant" ■ 3Ders, "Locknesters Unveils New And ... read more >
July 1, 2016
Bill Increasing Biogas Technologies Eligible For Energy Tax Credit Introduced To The House
On June 15, 2016, H.R. 5489, Agriculture Environmental Stewardship Act of 2016, was introduced to the House Ways and Means Committee on Science, Space, and Technology. The bill would add additional biogas applications to the list of technologies that qualify for the federal Section 45 energy investment tax credit, increasing acceptable biogas technologies from only biogas-based electricity projects to "qualified biogas property" defined as: property comprising a system which--   (i) uses anaerobic digesters, or other biological, chemical, thermal, or mechanical processes ... read more >
April 15, 2016
Six Biofuel Trade Associations Write Congress To Extend Advanced Biofuel Tax Credits
On April 5, 2016, the biofuel trade associations Advanced Biofuels Business Council, Algae Biomass Organization, Biotechnology Innovation Organization (BIO), Growth Energy, National Biodiesel Board, and Renewable Fuels Association sent a letter to House and Senate Leaders asking for a multiyear extension of advanced biofuel tax credits. The six organizations are specifically asking that the Second Generation Biofuel Producer Tax Credit, the Special Depreciation Allowance for Second Generation Biofuel Plant Property, the Biodiesel and Renewable Diesel Fuels Credit, the Alternative Fuel and ... read more >
April 8, 2016
Iowa Renewable Chemical Production Tax Credit Signed Into Law
On April 6, 2016, Iowa Governor Terry Branstad signed Senate File 2300, creating a five cent tax credit, per pound of renewable chemicals produced from biomass feedstock between 2017 and 2026. Spokesman for Governor, Ben Hammes, stated, "Gov. Branstad believes this biochemical tax program will go even further to continue spurring economic growth all over Iowa, creating more high-quality jobs and attracting investments in renewable chemical manufacturing and advanced bio-refining." The bill passed the Iowa Senate on March 16, 2016, with a vote of 46-3, and the Iowa House on March 28, ... read more >
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