Missouri Ag Connection - NBB Applauds Extending Biodiesel Tax Incentive

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NBB Applauds Extending Biodiesel Tax Incentive
Missouri Ag Connection - 02/13/2019

The National Biodiesel Board (NBB) thanked 44 members of the House of Representatives -- led by Reps. Dave Loebsack (D-IA) and Darin LaHood (R-IL) -- who asked Congressional leaders to adopt a multi-year extension of the biodiesel tax incentive as soon as possible. Congressmembers from across the country -- from California to New York -- sent the letter to House Speaker Nancy Pelosi (D-CA), Republican Leader Kevin McCarthy (R-CA), Majority Leader Steny Hoyer (D-MD), and Republican Whip Steve Scalise (R-LA).

The letter notes that the biodiesel tax incentive was retroactively renewed for 2017 in February of last year but left expired for 2018 and beyond.

"Biodiesel and renewable diesel producers testified before the House Ways & Means Committee last spring and worked with Congress all year to make a case for resolving the off-again, on-again nature of tax incentive eligibility. A multi-year extension of biodiesel and renewable diesel incentives will provide the industry the certainty it needs to continue to generate economic and environmental public benefits," the letter states. A copy of the letter is available for download.

Kurt Kovarik, NBB's Vice President of Federal Affairs, added, "NBB and its members appreciate the leadership of Representatives Loebsack, LaHood and others from across the country who co-signed this letter. The letter demonstrates the strong, bipartisan support for a multi-year extension of the biodiesel tax incentive now, in order to provide biodiesel producers, blenders and retailers the opportunity to plan and expand the market for biodiesel. That expansion would deliver economic and environmental benefits to drivers, consumers, farmers and others all along the value chain."

Made from an increasingly diverse mix of resources such as recycled cooking oil, soybean oil and animal fats, biodiesel is a renewable, clean-burning diesel replacement that can be used in existing diesel engines without modification. It is the nation's first domestically produced, commercially available advanced biofuel. NBB is the U.S. trade association representing the entire biodiesel value chain, including producers, feedstock suppliers, and fuel distributors, as well as the U.S. renewable diesel industry.

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