On Saturday, China's Ministry of Finance (MOF) and the State Administration of Taxation decided to eliminate consumption taxes on vegetable oil- and animal fat-based biodiesel. The move is aimed at promoting the use of renewable energy sources and lessening the nation's need for petroleum-based fuels. Additionally, Chinese officials believe that increased use of biodiesel will protect the country's environment by reducing harmful auto-related emissions.
Biodiesel Tax Credit
USDA Secretary Tom Vilsack announced today at the National Press Club in downtown Washington that his agency would give a boost to biofuel producers through a Biomass Crop Assistance Program (BCAP). Vilsack said the USDA will soon publish the BCAP's final rule, and that means eligible biomass producers will be able to get money from the USDA. The BCAP operated as a trial program last year. Here's how it works:
var digg_url = 'http://green.autoblog.com/2010/06/02/house-passes-biodiesel-tax-credit-bill-moves-on-to-senate/'; Since late 2009, commercial biodiesel producers and users across the U.S. have been wandering through the diesel desert, shamefully living off petroleum, thirsting for just one more drop of renewable fuel to put in our tanks. That's because last December, Congress allowed the biodiesel tax credit, an incentive that helped make biodiesel cost-competitive with petroleum diesel, to
According to the real-time counter on the homepage of the National Biodiesel Board (NBB), it's been 108 days since the $1.00 per gallon biodiesel tax credit expired. With an entire industry stalled and no clear end to the biodiesel purgatory in sight, more and more groups are petitioning their legislators to bring the tax credit back. Most recently, the National Association of Truckstop Operators (NATSO) added its voice to the growing roar of angry alt-fuel proponents.
Biodiesel has had a tough time of it lately. By the end of 2009 the economy was in the crapper, exports to Europe had withered under heavy tariffs and the price of gasoline and petroleum diesel fuel had dropped substantially from their peak the year before. The finishing move came in December when the $1.00 per gallon tax credit for biodiesel producers expired. FATALITY!