On December 10th, the Senate voted to approve an $858-billion tax cut package that provides a significant amount of incentives for the clean vehicle sector. Late last Thursday, the U.S. House of Representatives, by nearly a 2-1 margin, passed the bill, paving the way for President Obama to sign the bill into law, which he did on Friday.
The tax-cut package, under debate by the Senate on Friday, includes a few stipulations that would, if passed, provide a boost for the biofuels industry. Wrapped within the tax bill is a provision that would extend, through 2011, the 45-cent-per-gallon ethanol tax credit that's set to expire on December 31st. Also included within the package is an extension of the 54-cent tariff on imported ethanol and a 10-cent credit for small-scale U.S. producers of the corn-based fuel.
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