30% investment tax credit for qualified advanced biofuel production.
WASHINGTON, PRNewswire-USNewswire [WorldofRenewables.com]
The Advanced BioFuels Association applauded the leadership of U.S. Sen. Bill Nelson (D-FL) today as he recently introduced a biofuels tax incentive bill that extends the Investment Tax Credit to advanced biofuels.
The Nelson bill, S. 3338, would make available the 30% investment tax credit for qualified advanced biofuel production for companies whose projects’ sole and exclusive purpose is to produce advanced biofuels for sale; while meeting the requirements of section 211(o)(1)(B) of the Clean Air Act; and relies primarily on new or significantly improved technologies.
ABFA President Michael McAdams said, “This measure would certainly help our companies and their innovative and renewable technologies get one step closer to the crucial phase of commercialization and deployment. Our industry wants to be an active partner with lawmakers as they seek to create a sustainable global future.”
McAdams added, “We very much appreciate Sen. Nelson’s leadership on this issue and look forward to helping prove its value and merits as Congress closely examines this and other measures.”
The member companies of The Advanced BioFuels Association represent the new generation of advanced and renewable technologies that will help drive America’s new economy and fuel a sustainable future for the world.
SOURCE Advanced Biofuels Association