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House Approves Energy Bill with Hulshof's Biodiesel Provision

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Location: Washington, DC


HOUSE APPROVES ENERGY BILL WITH HULSHOF'S BIODIESEL PROVISION
07/28/05

The U.S. House of Representatives has approved H.R. 6, the Energy Policy Act of 2005. The bill contains a key provision authored by U.S. Congressman Kenny Hulshof (MO-09) and U.S. Senator Jim Talent that will extend tax incentives to produce biodiesel, a renewable fuel derived from soybeans and other natural oils. The current incentive is set to expire next year. Hulshof's provision extends the incentive to 2008.

WASHINGTON, D.C. - - The U.S. House of Representatives has approved H.R. 6, the Energy Policy Act of 2005. The bill contains a key provision authored by U.S. Congressman Kenny Hulshof (MO-09) and U.S. Senator Jim Talent that will extend tax incentives to produce biodiesel, a renewable fuel derived from soybeans and other natural oils. The current incentive is set to expire next year. Hulshof's provision extends the incentive to 2008.

"This is something that we have been working on for a very long time," said Hulshof. "I'm pleased that we are able to extend this important incentive. This will be a boon for biodiesel, which in turn will benefit consumers and farmers alike."

In 2003, Congressman Hulshof introduced legislation creating the biodiesel tax incentive. Under Hulshof's bill, biodiesel derived from recycled oils is eligible for a 50 cents-per-gallon credit. Biodiesel derived from first-use virgin vegetable oils - such as soybean oil - and animal fats is eligible for a $1 per gallon credit.

Biodiesel advocates say benefits of the incentive are already apparent. "The biodiesel tax incentive has already begun significantly stimulating demand, but without the passage of this extension, people would have been reluctant to invest in biodiesel as part of a long-term solution to our energy needs," said Joe Jobe, CEO of the National Biodiesel Board. "Congressman Hulshof has demonstrated true leadership and courage on behalf of renewable fuels, and that will benefit Missourians and all Americans."

Beyond the extension of the biodiesel tax incentive, the Energy Policy Act implements a comprehensive approach to reduce America's dependence on foreign energy. This is accomplished by modernizing our energy infrastructure, improving conservation and promoting the use of domestically produced renewable fuels.

"This groundbreaking bill represents an unprecedented focus on renewable, domestic sources of energy," stated Hulshof. "Every gallon of domestically-produced renewable fuel is one less gallon of foreign oil that needs to be imported. This is beneficial not only for our energy needs, but for our security as well. "

http://hulshof.house.gov/news.aspx?A=283

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