Forty Democratic members of the House of Representatives sent a letter to Speaker Nancy Pelosi and Ways and Means Chair Richard Neal regarding expired tax incentives. They’re asking leadership to make an extension of expired tax incentives an urgent legislative priority before the end of the year.
The National Biodiesel Board thanked them for their efforts and emphasized that renewing the biodiesel tax credits before the end of the year is crucial to reviving production. It would reopen production facilities and save countless jobs.
The representatives say in the letter that, “Extending the biodiesel, alternative fuel vehicle refueling property, and second-generation biofuel producer tax credits are especially important to the regions we represent. Participants up and down the supply chain are experiencing hardship as a result of this lengthy collapse in credits.”
NBB Vice President of Federal Affairs Kurt Kovarik says his group appreciates the representatives drawing attention to the economic situation facing advanced biofuel producers. “Nine biodiesel producers in six states have been forced to close, cut production, and lay off workers,” Kovarik says. “That’s because blenders count on Congress to renew the tax credit and demand a discount on the price of biodiesel.” He says producers have taken a loss for nearly two full years because of the expired credits.