The National Biodiesel Board is calling on Congress to extend the biodiesel tax credit.
“The uncertainty created by the lapse of the tax credit is curtailing investments in new plants and capital projects to maintain, improve and expand existing plants. We believe that if the tax credit is extended through at least 2018, the biodiesel industry would experience substantial growth in the near term, which would create significant new employment opportunities,” the NBB and more than 50 of its member organizations wrote in a letter to Congressional leaders.
“The noise of uncertainty is detrimental to the future of the industry,” said Kurt Kovarik, vice president of federal affairs at NBB. “We’ve seen biodiesel and renewable diesel production grow from 25 million gallons before the tax credit to nearly 3 billion gallons. Imagine how much farther we could be as an industry if this federal policy mechanism hadn’t lapsed so many times.”
Cal Meyer, chief operating officer at Ag Processing Inc, will testify on behalf of NBB before the Ways and Means Tax Policy Subcommittee on March 14. The hearing will begin at 10 a.m. ET, but Meyer will testify later in the afternoon on Panel 4, probably closer to 2-3 p.m. ET. You can watch the hearing live here. Meyer will make the case of the importance of the biodiesel tax credit to accelerating growth in the industry and providing economic and environmental benefits to the taxpayer.
Source: National Biodiesel Board