U.S. Congress Averts 'Fiscal Cliff;' Extends Key Biofuel-Tax Incentives

摘要

Capping weeks of intense negotiations among U.S. congressional leaders to avert the so-called "fiscal cliff," President Barack Obama signed H.R. 8 - the American Taxpayer Relief Act - into law on January 2. The bill extended US$46 billion in tax cuts for individuals and businesses, many of which target the biofuels and bioenergy sectors. The Republican-controlled House of Representatives managed to squeeze out a vote of 257-167 on the night of January 1, nearly 24 hours after the Democratic-led Senate passed the bill, 89-8, in a similar late- night vote a day earlier.