|Sponsor||Rep. Teague, Harry|
|Date||September 29, 2010 (111th Congress, 2nd Session)|
|Staff Contact||John Gray|
H.R. 4168 is expected to be considered on the House floor on Wednesday, September 29, 2010, under a suspension of the rules, requiring a two-thirds majority vote for passage. This legislation was introduced by Rep. Harry Teague (D-NM) on December 1, 2009.
The bill would amend the Internal Revenue Code to expand the definition of a cellulosic biofuel to include algae-based biofuel for the purposes of the cellulosic biofuel producer tax credit. The bill would also allow accelerated depreciation of property used to produce algae-based biofuels.
Possible Member Concerns: Members may be concerned about providing government subsidies for the expansion of algae-based biofuels.
According to JCT, this provision will decrease revenues by less than $500,000 over 10 years.