Growth Energy CEO Emily Skor sent a letter to Congressional leaders this week that called on lawmakers to include biofuels in any legislation that would extend expiring tax provisions at year’s end. There is a growing possibility that Congress will consider passing a tax extenders package before the current congressional session comes to an end.
In the letter, Skor asks congressional leadership to consider extending the Section 40 Second-Generation Biofuel Producer Tax Credit and the Section 45Q Tax Credit.
The Section 40 Second-Generation Biofuel Producer Tax Credit is a credit per-gallon of second-generation biofuel that Skor says, “Provides an essential incentive for our biofuels industry to produce a low-carbon, renewable fuel which keeps our rural communities afloat.”
The Section 45Q Tax Credit is a credit on a per-ton basis of any carbon dioxide sequestered, encouraging ethanol plants to further reduce their carbon footprint. “Especially during a time of depressed gasoline demand, we must use all legislative tools available to support our businesses and infrastructure workforce,” Skor says.
