Senate Finance Committee passes tax package with biodiesel credit
The Senate Finance Committee passed a tax extenders package April 3 that includes a two-year extension of the $1-per-gallon biodiesel credit through 2015, retroactive back to Jan. 1 after its expiration Dec. 31. The National Biodiesel Board called on Congress to act quickly on tax legislation.
“This is the third time in five years that the biodiesel incentive has lapsed, making it incredibly difficult for biodiesel businesses to plan for expansion or build infrastructure,” said Anne Steckel, vice president of federal affairs at the National Biodiesel Board. “We applaud the Senate Finance Committee for taking the first step toward extending it and urge the House and Senate to continue the committee’s bipartisan work by acting quickly to extend this credit so the biodiesel industry can get back to work.”
Daniel J. Oh, president and CEO of the largest U.S. biodiesel producer Renewable Energy Group Inc., said, “Biodiesel is a proven contributor to strengthening America’s energy and economic security and protecting our environment. We are very pleased and grateful to see continuing bipartisan Senate support for a growing biodiesel industry and the thousands of jobs it supports. We will continue our advocacy efforts to reinstate this sensible tax credit and to urge the EPA to increase the biodiesel RVO.”
Steckel added, “The U.S. biodiesel industry has plants in almost every state in the country, and this tax incentive is something Congress can pass today to stimulate growth and economic activity at all of them. This incentive is a job creator, and it also pays tremendous dividends in terms of reducing harmful emissions and strengthening our energy security.”
In addition to biodiesel, the incentive also covers biojet fuel and renewable diesel.