BLACK LIQUOR TAX CREDIT
Federal tax credit promoting the usage of biofuels but had the opposite outcome. The forest-products industry coined the phrase, describing an abusive subsidy scheme within the industry. A byproduct of making wood pulp, black liquor has been used as a fuel. The US government came up with a tax credit, part of the Transportation and Ethanol Bill, encouraging firms to use biofuels by mixing those with fossil fuels in 2005. The bill was extended in 2007 that created a loophole where companies started adding diesel fuel to black liquor to qualify for tax credits.
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ECONOMIC CALENDAR
| Time | Country | Indices | Period |
|---|---|---|---|
| 06:30 | Tertiary Industry Index | Apr | |
| 08:00 | Wholesale Price Index | May | |
| 08:30 | Producer & Import Prices | May | |
| 09:00 | SECO Consumer Confidence | May | |
| 10:00 | Trade Balance | Apr | |
| 11:00 | Current Account (sa) | Apr | |
| 11:00 | Industrial Production | Apr | |
| 14:15 | Housing Starts | May | |
| 14:30 | NY Fed Empire State manufacturing index | Jun |
