A massive Energy Bill may gain the approval of the U-S Senate this week, with a host of new incentives for Iowans involved in alternate energy industries, like ethanol, biodiesel and wind. Iowa Senator Chuck Grassley says the legislation encourages conservation, efficiency and production of energy that will reduce America’s dependence on foreign oil. The $15.5 billion package includes an extension of the wind energy tax credit and an extension and expansion of the biomass tax credit, in addition to an improved ethanol tax credit that reduces current dependence on highway excise taxes. Grassley says the Energy Bill also contains new income tax credits for biodiesel that uses “soybean juice,” much like how squeezings from corn are used in producing ethanol. There’s also a production tax credit for electricity generated from livestock waste and for the manufacture and use of super-energy-efficient home appliances.
