Democrats unveil draft of GREEN Act that includes extending biofuel tax credits

In Washington, House Ways and Means Subcommittee on Select Revenue Measures Chairman Mike Thompson (CA-05) and Committee Democrats released a discussion draft of the Growing Renewable Energy and Efficiency Now (GREEN) Act. This draft legislation is a comprehensive approach to tackling climate change by using the tax code to extend and expand renewable energy use and reduce greenhouse gas emissions. The proposal includes reinstating the biodiesel tax credit but then phasing it out by January 1, 2025 and retroactive to the credit’s previous expiry in 2017. The bill also proposes the extension of excise tax credits on alternative fuels and advanced biofuels.