OverDraught discusses pending bill which would allow a tax credit for producing oil from recycled waste.

H.R. 3592 - To amend the Internal Revenue Code of 1986 to allow a tax credit for producing oil from recycled waste.

Don't know if this has been discussed here yet, but there is a bill pending in the US House of Representatives that would allow a tax credit of up to US$0.60 / gallon for oil produced from waste plastic, on up to 2,000 barrels per day per facility. That adds up to $25.20 per barrel. Not bad if you are JBI and your cost is, say, $10 per barrel.

Some restrictions apply, including a requirement that the credit would be available only for facilities placed in service after the bill is enacted.

The bill was introduced last September and has been languishing in the Ways and Means Committee ever since.

So, if you are tired of reading about pending permits and tinted exchanges, you might consider using a little of your time to write your congressman and encourage consideration of the bill. If you don't have a congressman, well, pick one. Heck, write them all.

Read the Bill here:
http://thomas.loc.gov/cgi-bin/query/z?c111:H.R.3592.IH:

You can also read some interesting sub-committee testimony here:
http://thomas.loc.gov/cgi-bin/query/z?c111:H.R.3592.IH: