Congressional efforts are continuing to ensure that algae-based biofuels qualify for federal tax credits. Several companies, including Exxon Mobil Corp., believe algae might one day become a major feedstock for renewable fuels.
Reps. Harry Teague (D-N.M.), Brian Bilbray (R-Calif.) and Jay Inslee (D-Wash.) introduced this bill yesterday, according to the Congressional Record:
H.R. 4168. A bill to amend the Internal Revenue Code of 1986 to expand the definition of cellulosic biofuel to include algae-based biofuel for purposes of the cellulosic biofuel producer credit and the special allowance for cellulosic biofuel plant property; to the Committee on Ways and Means.