Dave Camp: “This bill seeks to expand the eligibility for certain current law tax benefits to algae-based fuels. Specifically, it…”

“This bill seeks to expand the eligibility for certain current law tax benefits to algae-based fuels. Specifically, it would make algae or algae plant property eligible for both the cellulosic biofuel producer credit and for 50 percent bonus depreciation. Regardless of whether Members believe these enhanced tax benefits for algae are appropriate, I think it's important to make a few observations about this bill, about the process under which we are considering it, and about the majority's decision to make this the centerpiece of its tax agenda during this, the final week of session. With respect to the bill itself, I would note that these same algae-related benefits, along with many other energy-related tax provisions, were included as a part of Chairman Levin's much broader green jobs discussion draft which had been expected to be formally considered by the Ways and Means Committee as a package.”