WASHINGTON, DC–(Marketwired – Dec 3, 2014) – The Algae Biomass Organization, the trade association for the algae industry, expressed appreciation for passage in the House of Representatives of legislation that would extend expired tax credits for advanced biofuels through the end of 2014, but called on Congress and the White House to negotiate a long-term tax policy that would accelerate the development and commercialization of new low-carbon, domestic fuels that create jobs and further strengthen the nation’s energy security.
“Algae-based technologies can help supply the full range of transportation fuels we use every day, but to make these approaches commercially available soon the industry needs more robust and predictable regulations and policies from Washington,” said Matt Carr, executive director of the Algae Biomass Organization. “A long term credit for the production of advanced biofuels would increase the confidence of investors and entrepreneurs that the United States is committed to bringing a new generation of biofuel technologies. The passage of today’s bill is a positive step forward, but we hope to see more in the future.”
The bill passed by the House today, the Tax Increase Prevention Act of 2014 (H.R. 5771), would extend the suite of advanced biofuel tax provisions — including the second generation biofuel production tax credit for algae and cellulosic biofuels — that expired at the end of 2013 through the end of 2014. Legislation approved by the Senate Finance Committee would have provided a two-year extension through 2015.
Both extensions demonstrate the support these technologies have among policy makers, but the long lead times associated with building new commercial facilities means that the foresight in a multi-year or permanent tax credit would help investors and entrepreneurs better plan for the future — and create a new industry that can improve the nation’s economic and energy security.
ABO members are currently developing algae cultivation and processing technologies that can provide sustainable solutions for commodity fuels, chemicals, food and feed applications, as well as for high-value applications such as nutraceuticals, pharmaceuticals, and cosmetics, among other applications. More information about algae and its potential can be found at www.allaboutalgae.com.
View original article at: Algae Biomass Organization Welcomes House Extension of Biofuels Tax Credit, Calls for Long-Term Solution