Biodiesel tax credit extension, phaseout proposed in US House

By The National Biodiesel Board | November 27, 2018

Chairman of the House ways and means committee Rep. Kevin Brady, R-Texas, released a proposal Nov. 26 to make technical corrections to the Tax Cuts and Jobs Act (PL 115-97) and to extend several expired tax credits, including the biodiesel and renewable diesel tax incentive. The National Biodiesel Board welcomed the proposal for a multiyear extension of this important incentive, which would keep the credit at its current rate of $1 per gallon for 2018 through 2021 but gradually reduce it to 33 cents per gallon by 2024 and then allow it to expire.

“The biodiesel industry has long advocated for a long-term tax extension to provide certainty and predictably for producers and feedstock providers,” said Kurt Kovarik, vice president of federal affairs with the NBB. “Too often, the credit has been allowed to lapse and then reinstated retroactively, which does not provide the certainty businesses need to plan, invest, and create jobs. We appreciate the recognition that the biodiesel industry is integral to our domestic energy needs through this long-term extension. 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.”  

 

 
 
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