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ASA Supports H.R. 4213
Published Wednesday, March 10, 2010 at 04:52 AM
A successful cloture vote in the Senate Tuesday is expected to provide for the passage of H.R. 4213, the American Workers, State and Business Relief Act. This act includes retroactive extension of the biodiesel tax credit. The American Soybean Association is urging passage and urges the Senate to seek agreement with the House on a final bill that can be passed and signed into law as soon as possible.

The biodiesel tax incentive, which is structured as a federal excise tax credit, amounts to a penny per percentage point of biodiesel blended with petroleum diesel. The incentive makes biodiesel more competitive with petroleum diesel, and lowers the cost of biodiesel to the end consumer.

ASA President Rob Joslin, a soybean producer from Sidney, Ohio, says - expiration of the biodiesel tax incentive has essentially caused the production and use of biodiesel in the United States to cease and has placed thousands of jobs currently supported by the domestic biodiesel industry in immediate jeopardy.

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