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U.S. Senator Maria Cantwell (D-WA) and U.S. Senator Charles Grassley (R-IA) introduced a bill that would extend by five years the biodiesel tax incentive and change the way that it is administered.
The Biodiesel Tax Incentive Reform and Extension Act is expected to provide stability and reliability to the biodiesel industry by extending the tax incentive for five years. In addition, the legislation would change the tax incentive from a blenders excise tax credit to a production excise tax credit. This change will focus the incentive on the domestic biodiesel industry, improve administration of the nation’s tax laws and protect the integrity of the credit, according to the National Biodiesel Board (NBB), the trade association for the U.S. biodiesel industry.
The NBB released a statement thanking the two legislators. “This legislation will provide certainty to biodiesel producers and improve the form and function of the biodiesel tax incentive. We strongly support this proposal and commend Senator Cantwell and Senator Grassley for introducing this forward thinking legislation,” said NBB CEO Joe Jobe.
The NBB’s membership is comprised of state, national, and international feedstock and feedstock processor organizations, biodiesel suppliers, fuel marketers and distributors, and technology providers.