The National Biodiesel Board applauded the inclusion of the biodiesel tax incentive in the fiscal package approved by Congress Tuesday. The incentive is reinstated retroactively for 2012 and 2013. NBB Vice President of Federal Affairs Anne Steckel said it was a long year with missed opportunities and lost jobs in the biodiesel industry. But with Congress finally approving an extension of the credit - she said the industry can get production back on track.
The biodiesel tax incentive expired on December 31st of 2011. A recent study found the industry would have produced an additional 300-million gallons this year with the tax incentive in place - which would have supported more than 19-thousand additional jobs. NBB notes the study found - in looking to next year - that the industry would support just over 112-thousand jobs nationally with the tax credit in place. That’s compared to just under 82-thousand without it. The return of the incentive is projected to increase household income by some 1.6-billion dollars next year - while supporting an additional 3.1-billion in GDP.
On top of the economic benefits - Steckel emphasized that biodiesel is helping reduce the nation’s dependence on imported petroleum. She said the extension is not just important for jobs - but for diversifying our energy supplies, improving our energy security and reducing costly emissions.