ALBANY — An initiative to expand a business tax to biofuel producers passed the state Assembly this week at the end of this year’s legislative session.
The bill, authored by Assemblywoman Addie J. Russell, D-Theresa, would increase the amount of credit per gallon and ton of biofuel that companies in the state produce. The bill would keep a $0.15 per gallon of biofuel credit and add a credit of $0.25 per gallon of cellulosic ethanol or renewable fuel oil and a new credit of $15 per dry ton of densified biofuel.
Manufacturers of wood pellets now may be eligible for the tax credits, Mrs. Russell said.
“This bill is a strong step forward in enhancing the business climate of the St. Lawrence Valley and counties throughout New York State,” Patrick J. Curran of Curran Renewable Energy in Massena said in a news release. “It will give landowners an opportunity to see value in their low-grade timber crops that they have been growing. The tax bill that Addie Russell supports will help job growth in numerous ways beyond the agricultural and forest sectors. It will help create stability and a bright future in an evolving market.”