Senate bill boosts renewable fuel provisions

The U.S. Senate has passed the Foreign Sales Corporation/Extraterritorial Income Exclusion bill. It provides various tax cuts and incentives for U.S. farmers, manufacturers and businesses.

Items of particular interest include:

• Incentives to develop biodiesel refining as an alternative market for animal byproducts.
• Production credits for farmers who produce electricity from swine and bovine waste.
• Extended the tax credit for electricity production from anaerobic digesters.

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