H.R.2038 - Biogas Production Incentive Act of 2007110th Congress (2007-2008)
Summary: H.R.2038 — 110th Congress (2007-2008)
Introduced in House (04/25/2007)
Biogas Production Incentive Act of 2007 - Amends the Internal Revenue Code to allow a business tax credit for the production and sale of biogas. Defines "biogas" as a gas that is derived by processing qualified energy feedstock (i.e., manure of agricultural livestock and other waste material) in an anaerobic digester and which contains at least 60% methane and carbon dioxide and trace gases.
Amends the Farm Security and Rural Investment Act of 2002 to direct the Secretary of Agriculture to: (1) use Commodity Credit Corporation funds for making countercyclical payments to qualified biogas producers for biogas production facilities placed in service before December 31, 2013; and (2) make loans, loan guarantees, and grants to providers of qualified energy feedstock for collecting and transporting such feedstock to a biogas facility or for the purchase or construction of equipment of facilities for such collection and transportation activities.