New Generation Biofuels Applauds Enactment of Federal Energy Tax Extender Package
Friday October 17, 11:56 am ET
LAKE MARY, Fla., Oct. 17 /PRNewswire-FirstCall/ -- Renewable fuels producer New Generation Biofuels Holdings, Inc. announced today that its second generation biofuels now have the opportunity to become eligible to receive the same $1.00 / gallon tax credit that is currently provided to traditional biodiesel producers.
The "tax extenders" package included in the "Energy Improvement and Extension Act of 2008" enacted on October 3, 2008 amends current biodiesel and renewable diesel tax incentives to make them more technology and resource neutral. NGBF's Vice President of Regulatory and Legislative Affairs, Connie Lausten said, "We are very pleased that Congress passed and the President signed into law these new tax incentives. We met with dozens of policy makers over many months in an effort to promote technology and resource neutrality in federal biofuel tax incentives; this law allows renewable technology companies like ours to compete on a level playing field. We are grateful that this effort has succeeded through the passing of this legislation."
Eligibility for the $1.00 / gallon tax credit requires EPA approval. The Company intends to initiate the approval process promptly.
NGBF CEO David A. Gillespie said, "We appreciate the efforts of our elected officials in adopting this bill, and particularly Connie Lausten's role in promoting the passage of this legislation. The new law extends the tax credits for which we presently qualify and paves the way for a doubling of that incentive, establishing parity with biodiesel. This would enhance our margins and improve the competitiveness of our advanced biofuels, both with biodiesel and other biofuels, as well as with petroleum-based fuels."
About New Generation Biofuels Holdings, Inc.
New Generation Biofuels is a development stage renewable fuels provider. We hold an exclusive license for North America, Central America and the Caribbean to commercialize proprietary technology to manufacture alternative biofuels from vegetable oils and animal fats that we market as a new class of biofuel for power generation, heavy equipment, marine use and as heating fuel. We believe our proprietary biofuel can provide a lower cost, renewable alternative energy source with significantly lower emissions than traditional fuels. Our business model calls for establishing direct sales from manufacturing plants that we may purchase or build and sublicensing our technology to qualified licensees.
Source: New Generation Biofuels Holdings, Inc.
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