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 |
|---|---|---|---|
| 07:00 | Leading Indicators | May | |
| 10:00 | Ifo Business Climate Index | Jul | |
| 10:00 | Ifo Current Assessment | Jul | |
| 10:00 | IFO - Expectations | Jul | |
| 10:00 | Private Sector Credit | Jun | |
| 10:00 | M3 Money Supply | Jun | |
| 12:00 | CBI retail sales volume balance | Jul | |
| 14:30 | Durable Goods Orders | Jun | |
| 01:01 | BRC Shop Price Index | Jul |
