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Last Friday Congressman Scott Peters (D-CA) introduced legislation to extend the existing tax credit for producers of advanced biofuels, such as those derived from algae. The existing $1.01 per gallon tax credit expires on December 31, 2013. While the bill clearly cannot be considered before the end of the year, tax credits are often extended retroactively.
ABO issued on statement thanking Congressman Peters for his efforts.
In proposing the legislation Congressman Peters, who chairs the Congressional Algae Caucus, seeks to maintain a policy that has encouraged entrepreneurs and investors to develop the next generation of sustainable fuels. Continuation of this tax policy would also support ongoing commercialization efforts that are already providing new jobs and economic development while improving the nation’s energy security.
Please reach out to your Member of Congress and ask him/her to cosponsor HR 3758, the Peters 2nd generation tax credit extension bill.
