The National Biodiesel Board (NBB) released a letter alongside a press release detailing its appreciation for 46 members of Congress who supported its bid for an extension of a biodiesel tax incentive.
Led by Representatives David Young (R-IA) and Dave Loebsack (D-IA), the 46 Congress members representing states from California to Connecticut collaborated on a letter to relevant parties on a resolution to negotiations surrounding the extension.
According to the press release, the biodiesel tax incentive was renewed for 2017 in the Bipartisan Budget Act of 2018 which passed in March of this year. However, the incentive has not been extended to 2018 and is currently expired.
The members of Congress wrote in the letter, “Biodiesel and renewable diesel producers are putting investments on hold in the face of the uncertainty created by the off-again, on-again nature of tax incentive eligibility. A multi-year extension of the biodiesel and renewable diesel incentives will provide the industry the certainty it needs to continue to generate the economic and environmental public benefits.”
“Right now, soybean farmers are harvesting a record crop but facing extreme uncertainty about the price they’ll receive and whether they’ll have access to markets. Biodiesel adds value to every bushel of soybeans and provides a market for the growing surplus of soy oil. A multiyear extension of the biodiesel tax incentive would give farmers a welcome bit of certainty this year,” said Kurt Kovarik, NBB vice president of Federal Affairs.
“It would further provide biodiesel producers, blenders and retailers the opportunity to plan and expand the market for biodiesel, which would benefit truck drivers, consumers and others all along the value chain. NBB appreciates the leadership of Representatives Young and Loebsack and the support of the bipartisan group of Representatives from across the country that co-signed the letter.”