The National Biodiesel Board, the biodiesel industry’s trade organization, looked toward Congress yesterday to act and quickly pass a tax incentive for the biodiesel producer’s tax.
“The biodiesel industry cannot grow and support good-paying jobs without some level of predictability on tax policy, and the legislative clock is winding down,” Anne Steckel, the National Biodiesel Board’s vice president of federal affairs, said. “This tax incentive has strong bipartisan support, as demonstrated by the bills introduced today. It’s good for the economy, it’s good for the environment and it’s good for consumers. And importantly the reforms included in today’s bills will appropriately focus the incentive on U.S. production.”
The reformed legislation was sponsored by Sens. Charles Grassley (R-IA) and Maria Cantwell (D-WA) and Reps. Kristi Noem (R-SD) and Bill Pascrell (D-NJ).
“We want to thank Reps. Noem and Pascrell and Sens. Grassley and Cantwell again for their leadership on this issue,” Steckel said. “This bill, when passed into law, will go a long way toward creating biodiesel jobs across the country and reducing our dependence on foreign oil.”
Biodiesel is produced in almost all 50 states. The tax credit would be for $1 per gallon of biodiesel from 2015-2016 and would be a producer credit next year.
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