News
Loading


NBB Welcomes Proposal for Long-Term Extension of the Biodiesel Tax Incentive

Nov 19, 2019, 2:34 PM
GREEN Act of 2019 includes a multi-year extension and phaseout of the biodiesel incentive

NEWS
FOR IMMEDIATE RELEASE

 Contact: Paul Winters
 202-737-8801
pwinters@biodiesel.org

WASHINGTON, DC - Today, Rep. Mike Thompson (D-CA), chairman of the House Ways & Means Subcommittee on Select Revenue Measures, released a wide-ranging proposal to incentivize renewable energy and energy efficiency. NBB welcomes the proposal (Sec. 201) for a multi-year extension of the biodiesel tax incentive; it would keep the credit at its current rate of $1.00 per gallon for 2018 through 2021 but gradually reduce it to $0.33 per gallon by 2024.

Kurt Kovarik, Vice President of Federal Affairs with the National Biodiesel Board, stated, "The biodiesel industry has long advocated for a long-term tax extension to provide certainty and predictably for producers and feedstock providers. Too often, the credit has been allowed to lapse and then be reinstated retroactively, which does not provide the certainty businesses need to plan, invest, and create jobs.

"Since the start of the year, 10 biodiesel plants have been forced to cut production or close and lay off workers due to policy uncertainty. The biodiesel industry needs an immediate multiyear extension of the tax incentive -- at a minimum for 2018, 2019 and 2020 -- to stem the losses.

"We appreciate the recognition -- through this proposed long-term extension -- that the biodiesel industry is integral to our domestic energy needs. We look forward to working with our supporters on Capitol Hill to ensure that consumers, producers and marketers benefit from a long-term, forward-looking pro-growth tax policy."

Made from an increasingly diverse mix of resources such as recycled cooking oil, soybean oil and animal fats, biodiesel is a renewable, clean-burning diesel replacement that can be used in existing diesel engines without modification. It is the nation's first domestically produced, commercially available advanced biofuel. NBB is the U.S. trade association representing the entire biodiesel value chain, including producers, feedstock suppliers, and fuel distributors, as well as the U.S. renewable diesel industry.

###

For more about biodiesel, visit www.biodiesel.org.

footerMap
Main Office
National Biodiesel Board
P.O. Box 104898
Jefferson City, MO 65110



footerMap
D.C. Office
National Biodiesel Board
1331 Pennsylvania Ave., NW
Suite 505
Washington, DC 20004


footerMap
CA Office
National Biodiesel Board
1415 L Street
Suite 460
Sacramento, CA 95814-3961



Contact Us |  Terms of Use
Copyright ©2019 National Biodiesel Board. All rights reserved.


National Biodiesel Board Family of Websites: