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.