Biodeisel tax incentive renewal introduced in Senate
In Washington, Senators Maria Cantwell (D-WA) and Chuck Grassley (R-IA) introduced a bill to extend the expired biodiesel tax incentive for three years. The $1-per-gallon incentive covers biodiesel, renewable diesel, and renewable aviation fuel. First implemented in 2005, it expired on Dec. 31, 2013. It also was allowed to lapse in 2012 and 2010.
National Biodiesel Board Vice President of Federal Affairs Anne Steckel said of the incentive, “The biodiesel tax incentive has expired three times over the past five years, and each time it has severely disrupted production. By comparison, we know that at least $4 billion in incentives encouraging domestic petroleum production are built into the tax code. We need that same kind of stability for younger, cleaner industries like biodiesel and renewable diesel to compete.”
Category: Policy
