US House Passes Bill Supporting Algae-based Fuels

Algal Biomass Organization Hails Passage of H.R. 4168
Legislation Removes a Major Barrier to Commercialization of Algae-Based Biofuels

WASHINGTON--(BUSINESS WIRE)--The Algal Biomass Organization (ABO), the trade association for the U.S. algae industry, today praised the U.S. House of Representatives for passing H.R. 4168, the Algae-based Renewable Fuel Promotion Act. ABO specifically recognized Reps. Harry Teague (D-NM), Mary Bono Mack (R-CA), Dave Reichert (R-WA) and Brian Bilbray (R-CA) for leading efforts to give algae-based biofuel tax parity with cellulosic biofuels with respect to a $1.01 per gallon production tax credit and a 50 percent bonus depreciation for biofuel plant property.

“Today, the House sent an unmistakable message of bipartisan support to the hundreds of companies, scientists, entrepreneurs and government agencies working to accelerate the development of algae-based fuels, which will create jobs, decrease emissions and reduce our nation’s dependence on imported fossil fuels,” said Mary Rosenthal, Executive Director of ABO. “The passage of this bill is a huge first step towards our goal of creating parity for algae-based biofuels within the tax code and among various other government programs.”

This article brought to you by the Indiana Renewable Energy Association.