In Washington, the US Senate Committee on Appropriations and the Senate Finance Committee handed the advanced biofuels industry three of its most significant wins on Capitol Hill this year.
The Senate Appropriations Committee, in approving the 2013 Defense budget, added $100 million to the Defense Production Act "to build production capacity for critical defense-related initiatives," which reflects the funding for the Navy's proposed military biofuels program.
In Washington, the Senate Committee on Appropriations today approved the fiscal year 2013 Defense bill by a vote of 30-0; and the Legislative Branch bill by a vote of 22-8. Both measures will now be reported to the full Senate for its consideration. The defense measures had been supported by a coalition of stakeholder organizations including Airlines for America, the American Farm Bureau Federation, the Advanced Biofuels Association, Biotechnology Industry Organization, National Farmers Union and Operation Free.
Meanwhile, the Senate Finance Committee marked up the Family and Business Tax Cut Certainty Act of 2012, which included key energy efficiency and biofuels tax credit provisions. Included in the bill: the Cellulosic Biofuels Producer Tax Credit (PTC), the Accelerated Depreciation Allowance for Cellulosic Biofuel Plant Property, clean fuel vehicle refueling property credits, a two-year extension of the R&D tax credit, and an extension of the $1 per gallon biodiesel blender's credit. The committee also added parity for algal biofuels in the tax extenders package.
Both the Appropriations and Finance Committee measures now move to the full Senate for consideration, and to conference with the House of Representatives to reconcile differences between Senate and House Appropriations. Votes are expected on the appropriations bills in September. . .View Full Article
