Biofuel associations team up to seek multiyear extension of advanced biofuel tax credits

In Washington, six biofuel trade associations sent a letter to House and Senate leaders asking Congress for a multiyear extension of advanced biofuel tax credits. The Advanced Biofuels Business Council, Algae Biomass Organization, Biotechnology Innovation Organization (BIO), Growth Energy, National Biodiesel Board and Renewable Fuels Association sent the request in a letter to Senate and House leaders, Senate Committee on Finance leaders, and House Ways and Means Committee leaders.

The letter states, “This short-term expiration of tax incentives is jeopardizing the long-term investment necessary for advanced biofuels. This creates uncertainty for investors and industry about the availability of these credits in the future. As leaders in a critical innovation sector in the United States, we are well aware of the financial constraints facing this country. However, as Congress works on developing energy tax extenders legislation, we urge you to ensure that advanced biofuels are part of the package. Extending some 2016 expiring energy tax provisions and not others creates a piecemeal approach and investment uncertainty across the energy sector and distorts the playing field for biofuel producers.”