RFA testifies at support of several key tax incentives that have been critical to industry’s growth and development

In Washington, Renewable Fuels Association General Counsel Ed Hubbard testified at a hearing titled “Post Tax Reform of Recently Expired Tax Provisions.” RFA testified in support of several key tax incentives that have been critical to the growth and development of the nation’s biofuel industry.

RFA conveyed how important steady, long-term tax support is for the second-generation biofuels industry. We urged the committee to extend the Second-Generation Production Tax Credit and Accelerated Depreciation rules at least until the end of 2018, to help encourage industry investment and drive the next wave of commercial scale production.

Due to the expiration of these two incentives at the end of 2013, the industry has been forced to cope with short-term extensions with only the hope that a long-term extension would be addressed in time. While the one-year retroactive extension approved by Congress in February is helpful, it is our hope Congress will consider an extension further into the future.