03/13/2018 | Press release | Distributed by Public on 03/13/2018 12:43
Biodiesel Tax Credit Requires Reinstatement, Will Be Discussed Tomorrow in Ways and Means Committee
NEWSFOR IMMEDIATE RELEASE
Contact: Rosemarie Calabro Tully
'The uncertainty created by the lapse of the tax credit is curtailing investments in new plants and capital projects to maintain, improve and expand existing plants. We believe that if the tax credit is extended through at least 2018, the biodiesel industry would experience substantial growth in the near term, which would create significant new employment opportunities,' they write. The full text of the letter is available for download as a PDF here.
'The noise of uncertainty is detrimental to the future of the industry,' said Kurt Kovarik, vice president of federal affairs at NBB. 'We've seen biodiesel and renewable diesel production grow from 25 million gallons before the tax credit to nearly 3 billion gallons. Imagine how much farther we could be as an industry if this federal policy mechanism hadn't lapsed so many times.'
Tomorrow Cal Meyer, chief operating officer at Ag Processing Inc, will testify on behalf of NBB before the Ways and Means Tax Policy Subcommittee. The hearing will begin at 10:00 a.m. ET, but Meyer will testify later in the afternoon on Panel 4, probably closer to 2-3 p.m. ET. You can watch the hearing live here. Meyer will make the case of the importance of the biodiesel tax credit to accelerating growth in the industry and providing economic and environmental benefits to the taxpayer.
The National Biodiesel Board is the U.S. trade association representing the biodiesel and renewable diesel industries, including producers, feedstock suppliers and fuel distributors. In terms of federal policy issues, the trade association has been primarily focused on increasing volumes in the Renewable Fuel Standard, reinstating the biodiesel tax incentive and securing relief through several trade petitions on unfairly traded biodiesel imports. These efforts contribute to growing the biodiesel industry that already supports nearly 64,000 jobs across the United States.
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.