Colorado Corn

When Congress passed and President Bush signed the $700 billion economic stabilization bill this week, a number of other legislative initiatives were included in the process, such as the extension of several tax incentives for the renewable fuels industry to help promote energy independence, the National Corn Growers Association noted.

Among the tax incentives extended are:

Alternative Fuels Credit. The bill extends the alternative fuel excise tax credit through 2009 for all fuels except hydrogen (which maintains its current-law expiration date of September 30, 2014).
Alternative Refueling Stations Credit. The bill extends the 30 percent credit for alternative refueling property, such as natural gas or E85 pumps, through 2010.
Biodiesel Production Tax Credit and Renewable Diesel Tax Credit. The bill extends the $1 per gallon production tax credit for biodiesel and the 10 cents per gallon credit for small biodiesel producers through 2009. The bill also extends the $1 per gallon production tax credit for diesel fuel created from biomass.
Renewable Energy Production Tax Credit. Renewed for wind through 2009 and through 2010 for all other sources.
In addition, the legislation includes tax relief for victims of recent Midwestern disasters in Arkansas, Illinois, Indiana, Iowa, Kansas, Michigan, Minnesota, Missouri, Nebraska and Wisconsin. The relief is available to victims of floods, severe storms, and tornadoes that are declared by the Federal Emergency Management Agency on or after May 20, 2008, and before August 1, 2008.