On May 31, Agriculture Secretary Thomas Vilsack said the Obama administration remains seriously committed to extending the biofuel tax breaks, even though the provisions were left off the White House’s congressional “to-do” list. The Obama administration drew criticism from industry advocates after the provisions were left off, but Vilsack said the administration will continue to press Congress to reinstate the $1-per-gallon credit for biodiesel blenders that expired in 2011 as well as the Accelerated Depreciation Allowance for Cellulosic Biofuel Plant Property that allows a 50% depreciation allowance for biofuel plants placed in service by December 31, 2012.
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Vilsack reaffirms commitment to biofuel tax breaks
- Mintz Levin Cohn Ferris Glovsky and Popeo PC
- David Leiter, Sarah Litke and Daniel Phillips
- USA
- June 3 2012
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Jennifer Miller
Senior Legal Counsel, Bankwest Business
Bank of Western Australia Ltd