Australia?s parliament will consider a bill that proposes...

Australia?s parliament will consider a bill that proposes extending grants and reduced taxes for biofuels for another 10 years to 2021.

Assistant Treasurer Bill Shorten introduced the legislation today to extend the current taxation arrangements for a group of organic fuels, which was set to be amended on Dec. 1, according to a statement on the Treasury?s website.

?The government will undertake a review of the taxation and grant arrangements for ethanol, biodiesel, renewable diesel and methanol after 30 June 2021,? it said. ?Methanol will continue to be untaxed.?

Melbourne-based Australian Renewable Fuels Ltd. (ARW) said the legislation would exempt biodiesel produced locally from having to pay excise tax for the next 10 years, unlike imports.

?This is very encouraging news and a clear indication of government support for the renewable fuels sector,? Chief Executive Tom Engelsman said in a statement to the Australian Stock Exchange.