Biodiesel Companies Press Congress for tax Credit Extension
Source: By Todd Neeley, DTN Staff Reporter • Posted: Thursday, March 28, 2019
The National Biodiesel Board said in a news release said a renewal of the biodiesel and renewable diesel tax incentive was “an urgent priority.”
Congress retroactively extended the incentive for 2017, in February 2018. That left the credit expired for 2018 and beyond.In the letter, the biodiesel industry stakeholders write, “The future of the credit has been unclear for more than 14 months. That uncertainty is curtailing investments in new plants and capital projects to upgrade existing plants. It is beginning to force some producers, blenders and distributors to cut back purchases of raw materials and deliveries of renewable fuel to consumers, which will have impacts across the economy.
“The biodiesel industry has long advocated for a multi-year extension of the tax incentive, Kurt Kovarik, vice president of federal affairs with NBB, said in a statement. “But because the incentive has been expired for 15 months — the longest period of uncertainty for this policy since its start — it is urgent that Congress act immediately to provide the biodiesel industry certainty for 2018 and 2019.”
Read the letter here: http://kce.informz.net/…
Todd Neeley can be reached at todd.neeley@dtn.com