Bill Intro'd in Senate to Reform, Extend Tax Credit through 2019

by Ron Kotrba (Biodiesel Magazine) A bill was introduced in the U.S. Senate to extend the $1-per-gallon biodiesel tax credit through 2019 and restructure the incentive from a blenders credit to a domestic production credit. The legislation was introduced by Sens. Chuck Grassley, R-Iowa, and Maria Cantwell, D-Washington, and features 12 additional cosponsors. The bill mirrors House legislation (H.R. 5240) introduced by Reps. Kristi Noem, R-South Dakota, and Bill Pascrell, D-New Jersey.

Anne Steckel, vice president of federal affairs for the National Biodiesel Board, urged Congress to take up the bill and pass it as quickly as possible. “Biodiesel and renewable diesel producers around the country are yet again facing what effectively amounts to a tax increase in less than six months,” Steckel said, referring to the pending expiration of the tax credit at the end of this year.

“Congress can keep that from happening by passing this bill,” Steckel said. “It will give producers the certainty they need to hire and grow in the coming years. It will continue our success in diversifying the diesel market and reducing our dependence on petroleum. And it will help clean the air by cutting carbon emissions and other pollution.” READ MORE and MORE (Office of Senator Chuck Grassley) and MORE (Energy.AgWired.com) and MORE (Farm Forum)