Wall Street Journal, others feature NBB study on need to extend tax credit

By | January 19, 2010
NBB successfully captured media attention, including that of the Wall Street Journal, New York Times online and Associated Press, with the release of an economic study on the negative impact to the biodiesel industry from allowing the tax credit to lapse. Economic analyst John M. Urbanchuk concluded that without the biodiesel tax incentive, there will be:

-a loss of jobs and income
-increased demand for petroleum diesel
-a degradation of energy security
-decreased demand for soybean oil and lower soybean prices, leading to a negative impact on farm income
-stranded investment as biodiesel capacity is idled, and lost tax revenue for state and local governments

"Since it was enacted in 2004, the biodiesel tax incentive has allowed the nation to reap the economic, energy security and environmental benefits associated with commercial-scale production and use of biodiesel," stated Manning Feraci, NBB vice president of federal affairs. "Allowing the credit to lapse will compound the already daunting challenges facing the industry and will cost the nation another 23,000 jobs in addition to the 29,000 jobs that were shed in 2009."

The study helped provide objective analysis to verify the many benefits of a strong and vibrant biodiesel industry. Reporters from across the nation continue to cite the data and conclusions as they cover elected officials' action in the nation's capital, and the local impact.

To read the full report by Urbanchuk, visit the NBB's Tax Incentive Action Center on the Web site.
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