Legislation Would Extend Biofuels Tax Credits

rep-petersLegislation introduced last week in the House would extend expiring tax incentives important to the development of next generation biofuels.

Rep. Scott Peters (D-CA) introduced the “Second Generation Biofuels Extension Act of 2013” (H.R. 3758) which would extend for one year the Second Generation Biofuel Producer Credit and the Special Allowance for Second Generation Biofuel Plant Property. Four fellow Democrats are co-sponsors of the bill, which is strongly supported by the biofuels industry.

Renewable Fuels Association (RFA) president and CEO Bob Dinneen commended Peters for taking a stand and fighting for the future of next generation biofuels. “Rep. Peters clearly understands the need to continue this successful program,” said Dinneen. “Investors need certainty and extending the tax credits for second generation biofuels will boost investment and innovation in cellulosic and advanced biofuels.”

This week RFA sent a letter to the leadership of the House Ways and Means committee and the Senate Finance Committee to request that key expiring biofuel tax incentives be extended. In addition to the two credits in the Peters bill, that would also include the Alternative Fuel Vehicle Refueling Property Credit.

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