Senate Tax Bill Takes the Right Step to Strengthen Energy Security and Create Jobs With Investment in Renewable Energy

WASHINGTON, Dec. 10, 2010 /PRNewswire-USNewswire/ -- As the U.S. Senate prepares to vote on a bipartisan tax package released last night, the Advanced Biofuels Association (ABFA) is calling the measure a step in the right direction.

"This is an important bipartisan move that will strengthen our nation's energy security and help put Americans back to work," said ABFA President Michael McAdams. "It's pretty simple; if the Hill sits on its hands and doesn't get this done, then it puts a virtual hold on our nation's energy and economic security."

"Congress has a real opportunity now to help accelerate the timing when Americans could actually start seeing the benefits of advanced biofuels in their daily life through cars and trucks to buses, trains and planes," McAdams added.

McAdams applauded the tax measure for its action to extend the biodiesel tax credit, the renewable diesel tax credit and the alternative fuels mixture credit.  "It has been over two years of waiting that have resulted in job losses among our member companies, so this may be the best news of the holiday for those who might now be able to go back to work building better fuels."  

McAdams noted that more short-term assistance is needed that would add certainty to a continuing skittish market.  It was important for Congress to continue to support the Investment Tax Credit under section 1603 for other forms of renewables; however, McAdams said now is the time to add advanced biofuels to the list of energy technologies that may choose between the investment tax credit and a production tax credit under section 1603.

"We don't need a lifetime of federal assistance, but without short-term pragmatic incentives, advanced biofuels and its promise of long-term job creation and strengthening our energy security, could be in jeopardy."

About the ABFA: The Advanced Biofuels Association (ABFA) and its member companies are building better fuels that will strengthen America's energy security, create jobs and fuel a sustainable future for the world. www.advancedbiofuelsassociation.com

SOURCE Advanced Biofuels Association