Biobased and Renewable Products News: Tax
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
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BASF, "BASF Extends Its Portfolio Of Innovative Foam Solutions With ecovio® EA"
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The Daily Nonpareil, "New Biomass Tax Incentive Seen As Catalyst For Economic Growth For Iowa"
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USTDA, "USTDA Awards Two Power Africa Grants To Ghanaian Energy Developers"
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Plastics Today, "Biesterfeld To Sell Nurel's Compostable Inzea Bioplastic In France"
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SeeNews Renewables, "Abengoa Finds Buyers For Rotterdam Plant"
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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 >
March 25, 2016
Iowa Senate Approves Renewable Chemical Production Tax Credit Legislation
On March 17, 2016, the Iowa State Senate voted 46-3 to approve Senate File 2300, a bill creating a production tax credit for renewable chemicals. The legislation was created to attract investment in renewable chemical manufacturing and biorefining to Iowa, and covers the production of higher value biochemicals from plant materials left over from biofuel production. The House Ways and Means Committee approved House File 2288, a companion bill, and sent the measure to the House floor. Senate File 2300 allows eligible businesses to claim a five cent tax credit per pound of renewable chemicals ... read more >
January 8, 2016
Omnibus Spending Bill Signed Into Law Includes Extension of Biofuel Tax Credit
On December 18, 2015, President Obama signed the omnibus spending bill, or Consolidated Appropriations Act, 2016, into law. The $1.1 trillion spending bill includes the retroactive extension of the $1 per gallon tax credit for biodiesel and renewable diesel blenders through December 31, 2016, while extending the second-generation biofuel production credit through January 1, 2017. In addition to extending tax credits for biofuels, the bill also funds a wide range of government programs through the end of 2016, including the Biomass Crop Assistance Program (BCAP), the Biorefinery, Renewable ... read more >
November 13, 2015
Senator Stabenow Introduces Legislation To Provide Tax Credits For Renewable Chemical Production
On November 10, 2015, Senator Stabenow (D-MI), along with Senators Coons (D-DE) and Franken (D-MN), introduced S. 2271, the Renewable Chemicals Act of 2015 to the Senate. If passed, the bill would amend the Internal Revenue Code of 1986 to create short-term tax credits for the production of renewable chemicals and for investments in renewable chemical production facilities. Producing eligible renewable chemicals from biomass feedstock would result in a tax credit of 15 cents per pound of renewable chemicals produced, or producers could take a 30 percent investment tax credit for qualified ... read more >
October 23, 2015
California Changes Tax Law To Allow For Biodiesel Tax Exemption
On October 4, 2015, California Governor Jerry Brown signed Assembly Bill No. 1032, an act to amend Sections 60501 and 60505.5 of the Revenue and Taxation code, relating to taxation, into law. The bill adds biodiesel to the list of fuels that are eligible for tax refunds when they are used for nontaxable purposes. Starting on January 1, 2016, the State Board of Equalization will provide refunds on the portion of nontaxable biodiesel removed from the terminal to those that can show that they have already paid the tax on the ... read more >
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2200 Pennsylvania Avenue, NW, Suite 100W
Washington, D.C. 20037
202-833-6580 | www.braginfo.org
Contact
Privacy Policy | Acceptable Use Policy
©2023 Biobased And Renewable Products Advocacy Group
All Rights Reserved.