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Peterson, Schock introduce biodiesel bill

Ranking House Ag Committee member Collin Peterson has joined Illinois Congressman Aaron Schock to introduce a biodiesel tax incentive reform bill that extends the one-dollar-per-gallon biodiesel tax credit to 2014. It also changes the current tax incentive to a “production excise tax credit.”

In a statement, Peterson said by Congress allowing the biodiesel credit to lapse “we’ve already witnessed a loss of jobs and production.” He says the biodiesel industry is still developing and needs “the certainty of the biodiesel tax credit” to move ahead and “fully realize our renewable energy potential.”

The biodiesel tax credit was allowed to lapse at the end of 2009 and was reinstated by Congress for one year at the end of 2010.