Farm groups plead with Congress to extend biodiesel tax credit
Eleven farm-oriented trade associations on Friday pleaded with Congress to take up a bill that would extend the biodiesel tax credit.
“There is broad bipartisan support for the biodiesel tax credit, and we believe that Congress can, and must, pass an immediate extension before returning home at the end of the year,” the farm groups wrote.
“The future of the credit has been unclear for nearly two years. Since the start of the year, producers have cut back production, investments in new technologies and facility upgrades, and purchases of raw materials.
“Now, at least 10 biodiesel plants have closed or stopped production, furloughing several hundred workers; the states impacted include Connecticut, Georgia, Indiana, Iowa, Michigan, Mississippi, Nebraska, Pennsylvania and Texas. The economic fallout impacts more than 7,500 total jobs across the U.S. economy. Without an immediate extension of the tax credit, we anticipate widespread plant closures, more production cutbacks, and significant job losses.”