NBB asks Ways and Means to extend biodiesel tax credit
March 16, 2018
The National Biodiesel Board today asked a House Ways and Means subcommittee to extend the biodiesel tax credit.
"We urge Congress to renew the biodiesel blender's tax incentive through 2018 at a minimum, while considering a multi-year approach. Doing so would drive new investment and establish market certainty for U.S. farmers, ranchers, petroleum marketers, blenders and fuel retailers," Cal Meyer, chief operating officer of Ag Processing Inc., an NBB member company, testified at a Ways and Means Tax Policy hearing on expiring tax breaks.
Meyer said the biodiesel blender's tax credit has helped achieved the desired goals of expanding domestic production of American energy resources and jobs here at home. The biodiesel industry supports roughly 64,000 jobs, $11.42 billion in economic impact and $2.54 billion in wages paid, Meyer said.
"The public policy benefits of the tax incentive are clear," Meyer said. "These benefits, however, will be jeopardized without reinstatement of the biodiesel tax incentive."