FOR IMMEDIATE RELEASE
Contact: Paul Winters
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.
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.
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.
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.