James M. Talent: “today Senator Lincoln and I introduce legislation to extend the current excise tax credit for biodiesel through 2010.…”

“today Senator Lincoln and I introduce legislation to extend the current excise tax credit for biodiesel through 2010. This tax credit brings great benefits to our nation's economy and environment while at the same time reducing our dependence on foreign oil. Biodiesel is a cleaner burning alternative to petroleum-based diesel, and it is made from renewable resources like soybeans and other natural fats and oils, grown here in the United States. It works in any diesel engine with few or no modifications. It can be used in its pure form (B100), or blended with petroleum diesel at a level--most commonly 20 percent (B20). Soybean farmers in Missouri and across the Nation have invested millions of dollars to build a strong and viable biodiesel industry. In last years JOBS bill, we created an excise tax credit for biodiesel; a $1/gallon credit for biodiesel produced from virgin oils, and a $0.50/gallon credit for biodiesel produced from yellow grease or recycled cooking oil. This important tax credit is set to expire in less than 2 years. It is imperative that we extend this incentive that is expected to increase domestic energy security, reduce pollution and stimulate the economy. I certainly would prefer to fill up my tank with a clean burning fuel grown by farmers in our Nation's heartland instead of petroleum imported from the Saudis. Our farmers pose no security risks. I'm not alone in this preference.…”