The American Soybean Association supprts legislation introduced last month by Reps. Kristi Noem (R-SD) and Bill Pascrell (D-NJ) to extend the biodiesel tax incentive through 2019 as a domestic production credit and to restructure it to give the fuel more value.
“The bill from Reps. Noem and Pascrell is something ASA is extremely pleased to see, as it seeks to extend the biodiesel tax credit through 2019, and restructures the credit to further promote value-added domestic production,” the ASA said in a statement after the introduction of the legislation.
If not renewed, the dollar-per-gallon credit will expire at the end of this year, putting a damper on production and preventing the industry from maximizing the benefits provided from this domestic, renewable energy source.
"In a farm economy that is dealing with low crop prices, that uncertainty and added stress are things that farmers don’t need," the statement said. "In the challenging political environment of an election year, it may be easier for lawmakers to pull back from working together, even on common-sense legislation like this, which is what makes the leadership shown by Reps. Noem and Pascrell so commendable. We appreciate their work on this issue and we urge Congress to support the extension and restructuring of the biodiesel tax credit.”
The bill was referred to the House Committee on Ways and Means.
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