Last Friday, December 5, the U.S. House of Representatives approved H.R. 5771, the “Tax Increase Prevention Act of 2014”, which includes an extension of several tax credits and other tax benefits utilized in renewable energy projects and for energy efficiency. Included in the extension are: Production tax credit for energy produced from wind, closed-loop and open-loop biomass, geothermal, landfill gas, trash, qualified hydropower, marine, and hydrokinetic facilities Bonus depreciation New markets tax credit, often combined with specific renewable energy tax credits in qualifying locations Credits for energy-efficient new homes Special allowance for second-generation biofuel plant property Energy-efficient commercial buildings deduction… Read more
Tag: biofuel
USDA Backs Development of Advanced Biofuels
The U.S. Department of Agriculture announced last month that it will guarantee a loan to support the development of advanced biofuels production from energy grasses. The loan funds will be used to construct a 20 million gallon per year refinery in North Carolina that will produce biofuel using non-food biomass feedstocks. The project is expected to help reduce the nation’s dependence on foreign oil, increase farm income, and create jobs in the mid Atlantic region. Local farmers will also directly benefit from the project through the sales of newly established energy grasses to the biorefinery. It is estimated that about 30,000… Read more