Biodiesel Industry Urges Renewal of Tax Incentive

The National Biodiesel Board (NBB) called on Congress this week to reinstate the biodiesel tax incentive “to avoid further disruption to an emerging American industry that is creating jobs across the country while diversifying U.S. energy supplies.”

In written testimony submitted to the House Ways and Means Committee’s Subcommittee on Select Revenue Measures for a hearing on expiring tax provisions, NBB Vice President Anne Steckel emphasized that the biodiesel industry achieved record production of nearly 1.1 billion gallons last year before the $1-per-gallon tax incentive expired on Dec. 31. She urged lawmakers to pass an extension as quickly as possible to prevent a drop in production and potential layoffs.

“This is a bipartisan tax provision that is a proven job-creator and has strong support in Congress,” Steckel said. “With petroleum prices where they are now, we shouldn’t need any reminders about how important it is to continue developing new American energy sources.”