Law Alert - Algae-based Renewable Fuel Promotion Act
H.R. 4168, S. 1250
No more than 10 pages long, this bill will amend the Internal Revenue Code to expand its definition of cellulosic biofuel to include algae.
This bill would provide financial incentives for industry to move more quickly to produce algae-based fuels on a commercial scale.
According to the Congressional Research Service Summary, the bill will also “allow accelerated depreciation of property used to produce algae-based biofuel,” further incentivizing this enormously innovative industry.
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