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US House Passes Energy Tax Package
Yesterday, the US House has passed the Renewable Energy and Energy Conservation Tax Act of 2008.
Among its provisions, the bill: (1) extends the biodiesel tax incentive for 2 years through December 31, 2010; (2) classifies the tax treatment of co-processed renewable diesel; (3)retroactively denies the biodiesel tax incentive on "splash and dash" transactions; (4) limits the biodiesel tax credit to fuels produced in the US for use in the US.
The bill nows moves to the US Senate where its prospects are uncertain.
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