|
For Immediate
Release
Contact:
Corey Henry
(202) 463-9789
Oct. 5, 2007
Coal-to-Liquids
Coalition lauds Senate Finance Committee unanimous vote approving
Bunning-Rockefeller amendment to extend critical CTL tax credit
Washington, D.C. – Members
of the Coal-to-Liquids Coalition (CTLC) today thanked members of the Senate
Finance Committee for unanimously approving an amendment offered by Sen. Jim
Bunning (R-Ky.), and co-authored by Sen. John Rockefeller (D-W.Va.), that extends
until 2010 a critical alternative fuels tax credit that will help
accelerate the production of clean, domestic coal-to-liquid (CTL) fuels.
Finance Committee members approved
adding the CTL tax credit amendment on Oct. 4 to a larger tax package
primarily focused on aiding the reauthorization of federal agricultural
support programs. The amendment extends an existing 50 cent per gallon
fuel excise tax credit for CTL until 2010 and requires CTL producers to
capture and story 50 percent of carbon dioxide emissions. CTL
producers could be required to capture and store 75 percent of carbon
dioxide emissions should an independent arbitration panel determine that
such a level is commercially feasible. Without an extension, the tax
credit, created by the Energy Policy Act of 2005, is set to expire in
September 2009.
“On behalf of CTLC members, I
extend thanks to the committee for supporting this much needed extension
that appropriately pairs an important incentive to spur domestic energy
production with a responsible environmental standard,” said National
Mining Association President and CEO Kraig R. Naasz. “The CTLC
wishes to especially thank Sens. Bunning and Rockefeller for their
leadership on this issue and for their continuing efforts to promote
American energy independence using domestic CTL fuels,” said Naasz.
“Looking forward, the CTLC will
continue working with all Senate CTL supporters to ensure this tax credit
extension is signed into law.”
For more information on the
Coal-to-Liquids Coalition, visit the coalition’s web site at: www.futurecoalfuels.org.
###
|
