BIOMASS HUB

House Rep. Earl Pomeroy (ND) introduced a bill (H.R.4940) on the floor yesterday to amend the Internal Revenue Code of 1986 to extend certain tax incentives for alcohol used as fuel and to amend the Harmonized Tariff Schedule of the United States to extend additional duties on ethanol.

Like the biodiesel blender’s tax credit, ethanol tax incentives are scheduled to expire at the end of the 2010, which creates significant uncertainty for project developers.  The biodiesel tax credit extension was delayed due to the health care bill in 2010, likely, lawmakers are getting started early to prevent a similar delay for ethanol, which currently makes up the bulk of biofuels produced and consumed in the U.S.

The Harmonized Tariff Schedule of the United States (HTS) is the primary resource for determining tariff classifications for goods imported into the United States.  The two volume U.S. government publication is updated periodically by the United States International Trade Commission.