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Current and Future Biodiesel Tax Breaks.
SD Biodiesel Tax Break Moves Forward
Posted by John Davis
A plan to cut state fuel taxes for biodiesel is moving forward in South Dakota’s legislature.
This story from Forbes says the state Senate’s State Affairs Committee voted unanimously to move Governor Mike Rounds’ plan to the full Senate:
The bill would cut the 22-cent-a-gallon tax on diesel to 20 cents for diesel fuel that contains at least a 5 percent blend made from soybeans or other organic material.
The 2-cent-a-gallon tax break would be the same as that given to ethanol, which is a gasoline blend generally made from corn.
The tax break would not start until biodiesel facilities in South Dakota reach a capacity of 20 million gallons a year and produce at least 10 million gallons a year. It would end when production reaches about 20 percent of diesel fuel sold, state Agriculture Secretary Bill Even said.
If passed, the bill would encourage the development of soybean-based biodiesel plants in South Dakota. The state is home to just one small facility now.
Oregon Taxes: 744 Oregon Biofuel Consumer Tax Credit - Pellets, Biodiesel, Bioethanol
Do you fill up with bioethanol (E85 only, thanks Chris in the comments for that clarification!) or biodiesel? Do you heat your home with pellets, firewood or B20 heating oil? If so, and you're an Oregon resident, you're getting a tax break on your 2007 state taxes.
I'm not a lawyer, accountant or anything even remotely resembling a tax or legal expert. But, I am a schmoe doing my taxes, and I've found the 744 Oregon Biofuel Consumer Tax Credit will save folks like me a few bucks off their taxes, effective with tax year 2007. The program looks like it's expanding in 2008, to include firewood and tax credit incentives for woodburners to upgrade to more efficient stoves:
- Oregon Biofuel Consumer Credit - Google Search
- Biofuel consumer - Oregon.gov - "Oregon now has a tax credit available for consumers of qualifying biofuels"
- Smallwood News :: View topic - OR State & Feds Promote Woody Biomass as Local Heating - "In early December, the Oregon Department of Energy announced the availability of a new Residential Energy Tax Credit for the purchase of highly efficient wood or pellet burning stoves. A household that purchases a qualifying new stove can receive a tax credit of 25% on the net cost of the stove up to $300"
The Biofuel consumer - Oregon.gov link contains info on who qualifies and how to claim the credit.
I could end this by saying "many happy returns," but I just won't. I'll just note that if you have any questions, talk to a tax professional, and good luck on your taxes.
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