Washington, DC - Today, a diverse group of trade associations delivered a letter to Congressional leaders announcing a unified position to maintain and extend the current biodiesel blenders tax credit.
In a letter to House Speaker Paul Ryan (R-WI), Senate Majority Leader Mitch McConnell (R-KY), House Democratic Leader Nancy Pelosi (D-CA), Senate Minority Leader Charles Schumer (D-NY), House Ways and Means Committee Chairman Kevin Brady (R-TX), and Senate Committee on Finance Chairman Orrin Hatch (R-UT), the National Biodiesel Board and others write:
“To provide certainty in planning, we believe Congress should extend the full $1.00 per gallon tax credit for 2018 and 2019.
"Beyond that, we are seeking long-term certainty, including a permanent tax incentive at a level that will continue to foster growth in the domestic biodiesel market.”
Noting that the U.S. biodiesel and renewable diesel market has grown from 100 million gallons in 2005 to nearly 2.6 billion gallons in 2017, the groups emphasized the biodiesel blender credit’s role in encouraging investment in infrastructure, generating high-paying jobs throughout the country, and providing environmental benefits.
Moreover, the credit provides customers, such as the trucking industry, a reduction in the overall cost of their fuels.
“Extending the biodiesel blenders credit will allow us to continue to provide the economic and environmental benefits associated with the program,” the groups write.
The groups also noted that the “on-again, off-again” nature of the credit disrupts access to capital, frustrates the sector’s ability to make investments, and hinders companies’ ability to hire and expand.
The trade associations urged Congress to restore the tax credit for 2018 and 2019, and provide long-term certainty to the industry through a permanent tax incentive.
In addition to NBB, groups signing the letter include the Advanced Biofuels Association, the American Trucking Associations, National Association of Convenience Stores, National Renderers Association, NATSO, Representing America's Travel Centers and Truckstops, New England Fuels Institute, Petroleum Marketers Association of America, and Society of Independent Gasoline Marketers of America.
For more information, please contact Paul Winters at 202-359-6571 or email@example.com