Sens. Aim To Cut Off Black Liquor Tax Credit

Law360, New York (June 12, 2009, 12:00 AM EDT) -- Senate Finance Committee Chairman Max Baucus, D-Mont., and ranking member Sen. Chuck Grassley, R-Iowa, have proposed to close what lawmakers and activists call a billion-dollar tax loophole for the paper industry by eliminating paper producers' eligibility for a tax credit aimed at promoting the use of biomass-based fuel.

The lawmakers on Friday introduced a legislative staff draft proposal that would clarify the fuels that qualify for the alternative fuels tax credit and eliminate fuel derived from paper and pulp processing from eligibility.

Papermakers generate electricity by...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.