Camp proposal would eliminate biofuels tax credits, report says
House Ways and Means Committee Chairman Dave Camp released a comprehensive tax overhaul on Feb 26, that would eliminate biofuels tax credits along with oil and gas subsidies, Biomass Magazine reported today.
Brooke Coleman, executive director of the Advanced Ethanol Council, said the group would not support the treatment of the cellulosic and advanced ethanol industry, but said “Camp should be commended for taking tough positions on many of the most distortive oil and gas subsidies in the federal tax code.”
The American Soybean Association President Ray Gaesser, an Iowa farmer, said the soybean growers are “significantly concerned” about the elimination of the biodiesel tax credit, but praised Camp for tackling “the difficult task of tax reform.” F
–the Hagstrom Report
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