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Johanns Backs Biodiesel Tax Credit Extension

Statement

Date: Sept. 16, 2010
Location: Washington, DC
Issues: Oil and Gas

U.S. Sen. Mike Johanns (R-Neb.) today issued the following statement after voting to extend the lapsed biodiesel tax credit. The motion failed by a vote of 41-58.

"I am disappointed the Senate is still unable to extend the biodiesel tax credit more than eight months after it expired," Johanns said. "Extending the biodiesel tax credit is a common sense step that would advance our goal of energy independence and provide a boost to rural economies. Washington's inability to extend this tax credit has been devastating to the biodiesel industry, costing thousands of jobs and countless hours of production. Unfortunately, rather than encouraging investment in renewable fuels, today's vote only provides more uncertainty to our farmers and biodiesel producers."

Background:

* Sen. Johanns is a cosponsor of S. 1589, the Biodiesel Tax Incentive Reform and Extension Act of 2009, which was introduced by Sen. Maria Cantwell (D-WA) on August 6, 2009.

* S. 1589 builds upon the existing tax credit and extends it for five years.


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