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A bipartisan group of House lawmakers this week floated legislation that would expand and extend tax incentives for algae-based biofuel producers.


Reps. Allyson Schwartz (D-Pa.), Mark Schauer (D-Mich.) and Brian Bilbray (R-Calif.) drafted a bill (H.R. 5142) to encourage tax incentive parity for algae-based fuels and to encourage investment in both algae-derived fuels and other plant-based cellulosic biofuels.


"We have the opportunity right now for American companies to be at the forefront of producing the next generation of energy sources and creating thousands of clean energy jobs," Schwartz said in a statement. "This legislation will accelerate the construction of these biofuels and encourage cost-effective production right here in America."


Specifically, the legislation would create a 30 percent investment tax credit for cellulosic and algae-based biorefineries to bring the biofuel industry on a level playing field with other renewable sectors, the sponsors say.


The legislation would also amend the definition of cellulosic biofuels to specifically include algae-based fuels as eligible for the $1.01-per-gallon producer tax credit. And it would extend that credit for four years to 2017.
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Tags: Alternative Fuels, Biofuels, Emissions, Fuel Economy, Legislation, Tax Incentives, Algae-based Biofuels, Biofuel Producers, Biorefineries, Cellulosic Biofuel, Tax Credit, Tax Incentives

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House Lawmakers Float Bill to Expand Tax Credits for Algae-Based Biofuel Makers was originally published by Green Car Advisor. Read the full story by clicking here.