The House Ways and Means Committee has approved the Energy and Tax Extenders Act of 2008. Among other things - the legislation extends the biodiesel tax incentive.

National Biodiesel Board CEO Joe Jobe says the decision to support biodiesel will help the industry improve America’s energy independence by displacing foreign petroleum with clean-burning - domestically produced fuel.

Other biodiesel-related provisions include a one-dollar-per-gallon incentive for all biodiesel - closing the “splash and dash” loophole that currently allows foreign-produced fuel to enter the U.S. - claim the tax incentive - and be shipped to another country for end use - and properly defines tax benefits available.